Sell Crude oil Jun 2022 @ 8650 SL 8800 TGT 8480-8350.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 8371-8775.
Crude oil dropped amid concerns about China's efforts to crush COVID-19 with lockdowns, even with Shanghai due to reopen on June 1.
Lockdowns in China, have hammered industrial output and construction, prompting moves to prop up the economy
The U.S. Strategic Petroleum Reserve (SPR) fell by 5 million barrels to 538 million barrels, its lowest since November of 1987.
Money managers raised their net long U.S. crude futures and options positions in the week to May 17
SELL CRUDEOIL JUN 2022 @ 8650 SL 8800 TGT 8480-8350.MCX
NATURAL GAS
Natural gas trading range for the day is 588-710.6.
Natural gas edged up as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants rose to a seven-week high
The amount of gas in U.S. storage compared to normal levels for this time of year has fallen below the amount of gas available in Northwest European stockpiles.
Speculators increased their net long futures and options positions for the first time in five weeks to their highest since early May
Refinitiv projected average U.S. gas demand, including exports, would ease from 89.4 bcfd this week to 88.0 bcfd next week.
SELL NAT GAS MAY 2022 @ 680.00 SL 700.00 TGT 645.00-620.00.MCX
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