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CRUDEOIL

Crude oil trading range for the day is 8197-8679.

Crude oil prices climbed amid supply worries after the EU proposed some of its toughest measures yet against Russia, including a total ban on oil imports.

The OPEC countries are not willing to replace Russian oil despite concerns about slower demand in China due to Covid 19.

Oil releases so far are just 9% of stocks, "can come back again if a problem" – IEA head

The Kuwaiti oil minister said that the OPEC+ strategy of monthly crude production increases ensures market stability and balance.

SELL CRUDEOIL MAY 2022 @ 8600 SL 8700 TGT 8450-8350.MCX

NATURAL GAS

Natural gas trading range for the day is 567-720.6.

Natural gas slid on forecasts for a slow rise in output, milder weather and a drop in demand in the next two weeks.

U.S. natgas output, demand to rise in 2022 – EIA

The U.S. EIA said utilities added 77 billion cubic feet (bcf) of gas to storage during the week ended April 29.

The US is set for temperatures in May that would even be considered hotter-than-normal during summer months

SELL NAT GAS MAY 2022 @ 645.00 SL 666.00 TGT 615.00-600.00.MCX

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