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CRUDEOIL

Crude oil trading range for the day is 4452-4794.

Crude oil rose after a reports a storm forming over the Western Gulf of Mexico will likely become a cyclone raised concerns about possible disruptions in production.

However, traders weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand.

However, it is expected that gasoline demand will see a surge in the U.S. and Europe thanks to reopening of businesses and the momentum in vaccination drive.

A report from Baker Hughes said the number of U.S. rigs drilling for oil rose by 4 to 356 this week, increasing for a third straight week.

SELL CRUDEOIL JUN 2021 @ 4820 SL 4900 TGT 4700-4635.MCX

NATURAL GAS

Natural gas trading range for the day is 206.7-220.7.

Natural gas eased as production continued to edge higher and exports slip.

The price decline came despite forecasts that warmer weather in coming weeks will boost the amount of gas power generators

U.S. natural gas storage is expected to end the April-October injection season at 3.581 tcf on Oct. 31, the lowest since 2018

U .S. natural gas prices in 2021 at the Henry Hub benchmark in Louisiana will likely rise to their highest since 2018

SELL NAT GAS MAY 2021 @ 222.50 SL 228.00 TGT 216.50-212.50.MCX

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