Crudeoil trading range for the day is 6000-6250 - Kedia Advisory
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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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