Crudeoil trading range for the day is 5470-5880 - Kedia Advisory
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Crudeoil
Observation
Crudeoil trading range for the day is 5470-5880
Crude oil gains as China's surprise rate cut offered some support
OPEC oil demand forecast holds steady as economic clouds gather
Chinese oil demand growth increased to 840,000 bpd
OPEC output falls by 464,000 bpd in May
Natural Gas
Naturalgas trading range for the day is 184.3-199.3
Natural gas rose boosted by higher demand and lower supply.
An anticipated heatwave from June 21-28 is likely to boost demand for gas to produce power for air conditioning.
US output is falling from May's record level of 102.5 bcfd.
Gas flowing to U.S. LNG export plants dropped to a five-month low due to maintenance at several facilities
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