Crude oil trading range for the day is 4693-4925 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4693-4925.
Crude oil gained as bullish forecasts on recovering demand in the second half of the year outweighed concerns about the impact of rising COVID-19 cases.
Adding the bullish tone, recent economic data showed the US economy expanded more than expected in the first quarter
The EIA Petroleum Status Report showed US crude stocks rose less than expected last week.
The OPEC+ stuck to their plans for a gradual easing of oil production curbs from May to July, after the group raised slightly its demand growth for 2021 to 6 million bpd.
BUY CRUDEOIL MAY 2021 @ 4730 SL 4660 TGT 4820-4875.MCX
NATURAL GAS
Natural gas trading range for the day is 208.3-225.3.
Natural gas dropped after a government report showed that US stockpiles increased more than expected last week
The U.S. Energy Information Administration (EIA) said U.S. utilities added 15 billion cubic feet (bcf) of gas into storage
The U.S. EIA said utilities added 38 bcf of gas into storage during the week ended April 16
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.4 billion cubic feet per day (bcfd) so far in April
BUY NAT GAS MAY 2021 @ 218.00 SL 212.00 TGT 224.00-228.00.MCX
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