Crudeoil trading range for the day is 5640-6010 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5640-6010
Crude oil gains on the prospect of tightening supplies Iraq does not expect
OPEC+ to make further cuts to oil output at its next meeting on June 4
The U.S. could start repurchasing oil for SPR after completing a congressionally mandated sale in June
OPEC raises Chinese oil demand growth forecast further
Natural gas
Observations
Naturalgas trading range for the day is 183.9-201.3
Natural gas rose due to a decrease in output and projections of higher demand.
Preliminary data showed gas output fell to a three-week low of 100.8 billion cubic feet per day.
Gas demand is expected to increase from 91.3 bcfd this week to 91.6 bcfd next week
The latest EIA report showed a slightly larger-than-expected storage build last week, which was still smaller than usual
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