Sell Crudeoil May 2021 @ 4850 SL 4940 TGT 4750-4700.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4643-4871.v
Crude oil prices dropped after OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March.
China’s crude imports fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day
Russia increased its oil production in April to almost 10.5 million barrels a day.
Russian oil output rises 2% in April following OPEC+ deal
SELL CRUDEOIL MAY 2021 @ 4850 SL 4940 TGT 4750-4700.MCX
NATURAL GAS
Natural gas trading range for the day is 210.8-222.2.
Natural gas rose on forecasts for cooler weather and higher heating demand next week than previously expected.
US natgas rig count rose 7 at 103 – Baker Hughes
The U.S. Energy Information Administration said U.S. utilities added 60 billion cubic feet (bcf) of gas into storage during the week ended April 30.
Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.7 billion cubic feet per day (bcfd) so far in May, up from 90.6 in April
SELL NAT GAS MAY 2021 @ 216.00 SL 220.00 TGT 212.00-209.00.MCX
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