Crudeoil trading range for the day is 5880-6080 - Kedia Advisory
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Crude oil
Observations
Crudeoil trading range for the day is 5880-6080
Crude oil dropped as US crude inventories unexpectedlyjumped by 5.04 mbls
IEA says oil price downturn ignores looming supply crunch
Iraq does not expect OPEC+ to make further cuts at Junemeeting
Global oil demand is expected to exceed supply by 2 millionbarrels per day in the second part of 2023
Natural gas
Observations
Naturalgas trading range for the day is 186.4-229
Natural gas rose as wildfires kept gas exports from Canada neara 25-month low.
Support also seen due to concerns over a possible futuredecline in production
US utilities added 99 billion cubic feet (bcf) of gas into storage.
The recent report from Baker Hughes showed that the gas rigcount fell by 16 to 141 last week, the lowest since April 2022
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