Crudeoil trading range for the day is 5800-6160 - Kedia Advisory
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Crude oil
Observations
Crudeoil trading range for the day is 5800-6160
Crude oil edges lower as debt talks pause
China's oil refinery throughput in April rose 18.9% from a year earlier
IEA report showed global oil demand is expected to exceed supply by 2 million barrels per day in the second part of 2023
US government also announced that it would purchase up to 3 million barrels of crude oil to replenish its depleted SPR.
Natural gas
Observations
Naturalgas trading range for the day is 205.2-227.2
Natural gas rose as a lack of wind causing power generators to burn more gas to produce electricity.
Prices were supported by the amount of gas exported from Canada to the U.S. remaining low due to wildfires in Alberta and other western provinces
Canadian gas exports were on track to rise to 7.3 bcfd on Friday, up from a 25-month low of 6.4 bcfd.
EIA said utilities added just 99 billion cubic feet (bcf) of gas to storage
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