Crudeoil trading range for the day is 5690-6120 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5690-6120
Crude oil fell amid persistent demand concerns, unexpected increase in inventories
Crude oil stocks rose by nearly 3 million tonnes on the week ending May 5th, according to data from the EIA.
Data from China showed that crude oil imports fell 16% annually to 10.6 million barrels per day in April
OPEC raises Chinese oil demand growth forecast further
Naturalgas
Observations
Naturalgas trading range for the day is 174.6-188.4
Natural gas edged up on a decline in output over the past few days
U.S. natural gas production will rise to a record high in 2023
EIA projected domestic gas consumption would fall to 87.54 bcfd in 2023 and 86.05 bcfd in 2024 from a record 88.53 bcfd in 2022.
The latest projections for 2023 were higher than the EIA's April forecast of 100.87 bcfd for supply and 87.37 bcfd for demand.
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