Sell Crudeoil May 2021 @ 4700 SL 4780 TGT 4620-4560.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4625-4893.
Crude oil gained on optimism after OPEC+ said it expects strong oil demand recovery in the second half of the year
However, rising coronavirus infections, particularly in India, and a bigger-than-expected build in US crude stocks limited gains.
OPEC and its allies led by Russia, together known as OPEC+, decided to stick to their plan of gradually raising oil production beginning in May
World oil consumption will rebound by a vigorous six million barrels a day this year, according to OPEC+ estimates
SELL CRUDEOIL MAY 2021 @ 4700 SL 4780 TGT 4620-4560.MCX
NATURAL GAS
Natural gas trading range for the day is 216.1-225.3.
Natural gas prices rose on record exports and a small decline in production.
Colder-than-usual April weather last week likely boosted heating by so much that utilities may have taken the unusual step of pulling gas from storage.
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 MAY 2021 @ 216.00 SL 210.00 TGT 222.00-226.00.MCX
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