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CRUDEOIL

Crude oil trading range for the day is 9163-9753

Crude oil dropped on reports of a likely proposal to impose a federal surtax on certain oil companies to curb rising inflation.

OPEC Leaves 2022 oil demand growth forecast at 3.36 mbpd

OPEC Cuts 2022 Russian output forecast, leaves U.S. shale steady

Libya's oil minister Mohamed Aoun said production in the country has dropped to 100,000 barrels/day from 1.2 million bpd last year.

SELL CRUDEOIL JUN 2022 @ 9600 SL 9750 TGT 9350-9250.MCX

NATURAL GAS

Natural gas trading range for the day is 463.5-748.5.

Natural gas tumbled after Freeport LNG said it doesn't expect the terminal to return to entire plant operations until late 2022.

U.S. storage was currently about 15%, or 340 bcf, below normal levels for this time of year, its lowest since April 2019.

EIA said utilities added 97 bcf of gas to storage during the week ended June 3.

Average gas output in the U.S. Lower 48 states fell to 94.8 bcfd so far in June from 95.1 bcfd in May.

BUY NAT GAS JUN 2022 @ 540.00 SL 520.00 TGT 585.00-600.00.MCX

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