Crude oil trading range for the day is 5820-6130 - Kedia Advisory
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Crude oil
Observations
Crudeoil trading range for the day is 5820-6130
Crude oil gains getting support from lower supplies from Canada, OPEC+ producers.
IEA projecting that demand will exceed supply by 2 million barrels per day in the second part of 2023
Oil supply won't be affected by stricter price cap enforcement –IEA
Speculators cut U.S. crude oil net longs – CFTC
Natural gas
Observations
Naturalgas trading range for the day is 186.9-218.5
Natural gas dropped on rising output and forecasts for less demand.
The price decline came even though U.S. power generators have burned more gas in recent weeks
Meteorologists projected the weather in the Lower 48 states would remain mostly near normal through June 6.
U.S. gas demand, including exports, would slide from 90.2 bcfdthis week to 89.5 bcfd next week
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