Sell Crudeoil JUN 2021 @ 4820 SL 4900 TGT 4700-4635.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4608-5010.
Crude oil dropped on profit booking amid fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions.
Saudi Arabia's March crude oil exports fell to the lowest level since June 2020, while output dipped, official data showed
China April crude oil production up 3.4% y/y at 16.41 mln tonnes
Money managers cut their net long U.S. crude futures and options positions in the week to May 11, the U.S. Commodity Futures Trading Commission (CFTC) said
SELL CRUDEOIL JUN 2021 @ 4820 SL 4900 TGT 4700-4635.MCX
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NATURAL GAS
Natural gas trading range for the day is 214-232.6.
Natural gas slipped on profit booking as exports declined and production edged up, as well as on forecasts for mild weather and lower demand next week.
Traders noted that price decline came even though the weather was expected to warm up in two weeks
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May
U.S. natural gas storage is expected to end the April-October injection season at 3.602 trillion cubic feet (tcf) on Oct. 31, the lowest since 2018.
SELL NAT GAS MAY 2021 @ 222.50 SL 228.00 TGT 216.50-212.50.MCX
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