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Crude oil 

Observations

Crudeoil trading range for the day is 6000-6250

Crude oil gains as warning from Saudi energy minister stokedfears of further OPEC+ cuts.

US crude oil inventories declined by 12.456 million barrels, themost since November 2022

Industry data showed that US crude inventories declined byabout 6.8 million barrels last week - API

U.S. shale production set to rise to highest on record in June – EIA

Natural gas 

Observations

Natural gas trading range for the day is 204.4-217.2

Natural gas gained on forecasts for higher demand

Gas prices also gained support from low amounts of windpower in recent weeks

However, the return of Canadian exports to levels seen beforewildfires in Alberta limited the upside.

Meteorologists projected the weather in the Lower 48 stateswould switch from cooler than normal from May 24-28 towarmer than normal.

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