Sell Crudeoil May 2021 @ 4780 SL 4860 TGT 4680-4620.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4549-4761.
Crude oil dropped on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world's third biggest oil importer.
Russian Deputy Prime Minister Alexander Novak said that OPEC+ meeting of oil producers next week may confirm or tweak current output plans.
Crude oil and distillate stocks rose in the most recent week, while gasoline inventories fell
Libya's National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities
SELL CRUDEOIL MAY 2021 @ 4780 SL 4860 TGT 4680-4620.MCX
NATURAL GAS
Natural gas trading range for the day is 198.9-207.7.
Natural gas slipped on forecasts for milder weather and lower heating demand over the next two weeks than previously expected.
The price decline came despite a dip in output in recent days and ongoing near-record liquefied natural gas (LNG) and pipeline exports.
With stockpiles at normal levels and the weather expected to turn seasonally milder, traders said price spikes were unlikely in coming weeks.
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, down from 91.6 bcfd in March.
BUY NAT GAS APR 2021 @ 204.00 SL 198.00 TGT 210.00-214.00.MCX
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