Sell Crudeoil May 2021 @ 4680 SL 4730 TGT 4620-4570.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4519-4733.
Crude oil recovered to end with gains on reports the OPED+ are likely to delay their plans to any significantly increase crude output for now.
OPEC+ keeps oil demand forecast, but worried by COVID surge
OPEC raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.
Libya's oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further due to budgetary issues
SELL CRUDEOIL MAY 2021 @ 4680 SL 4730 TGT 4620-4570.MCX
NATURAL GAS
Natural gas trading range for the day is 200-211.
Natural gas rose on weather and demand forecasts that were mostly unchanged from the prior day.
Support also seen due to smaller-than-expected storage build, record exports and small declines in production
The U.S. EIA said utilities added 38 bcf of gas into storage during the week ended April 16.
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 91.4 billion cubic feet per day (bcfd) so far in April
BUY NAT GAS APR 2021 @ 202.00 SL 196.00 TGT 208.00-212.00.MCX
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