Sell Crudeoil May 2022 @ 8200 SL 8350 TGT 8020-7900.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7913-8375.
Crude oil rose amid concerns over supply due to the possible impact of sanctions on Russia's crude oil production.
OPEC+ likely to stick to existing deal and raise June output
Data released by U.S. Energy Information Administration (EIA) that showed a drop in gasoline and distillate stockpiles last week supported oil prices.
The EIA data showed crude inventories rose by 700,000 barrels and gasoline inventories dropped by 1.6 million barrels
SELL CRUDEOIL MAY 2022 @ 8200 SL 8350 TGT 8020-7900.MCX
NATURAL GAS
Natural gas trading range for the day is 505.7-585.3.
Natural gas rose as some parts of the country rapidly move from heating demand to cooling demand
Prices continued to gain support from much higher global gas prices that will keep demand for U.S. LNG exports strong
The premium for futures for July over June rose to 11 cents per mmBtu, putting the spread on track to close at a record high for a third day in a row.
The U.S. Energy Information Administration (EIA) said utilities added 40 billion cubic feet (bcf) of gas to storage during the week ended April 22
BUY NAT GAS MAY 2022 @ 535.00 SL 515.00 TGT 570.00-590.00.MCX
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