Sell Crudeoil Jun 2021 @ 5200 SL 5260 TGT 5120-5080.MCX - Kedia Advisory
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CRUDE OIL
Crude oil trading range for the day is 5134-5282.
Crude oil dropped on profit booking after prices rose underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs
OPEC+ will need to boost output to meet 2022 demand recovery –IEA
OPEC+ needs to open the taps to keep the world oil markets adequately supplied, the IEA said.
Goldman Sachs reiterated its projection of $80 for the Brent crude this summer as vaccine rollouts boost global economic activity
SELL CRUDEOIL JUN 2021 @ 5200 SL 5260 TGT 5120-5080.MCX
NATURAL GAS
Natural gas trading range for the day is 237.6-247.4.
Natural gas gains on forecasts for rising exports, hotter weather and higher air conditioning demand over the next two weeks.
U.S. natgas output to rise, demand to fall in 2021 – EIA
U.S. speculators boosted their net long futures and options positions last week by the most since February to their highest since March
Gas prices in Europe and Asia both traded over $10 per mmBtu, with the Title Transfer Facility (TTF) in the Netherlands at its highest since January 2014.
BUY NAT GAS JUN 2021 @ 218.00 SL 212.00 TGT 224.00-226.50.MCX
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