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CRUDEOIL

Crude oil trading range for the day is 4464-4870.

Crude oil dropped after an increase in U.S. crude inventories added to concerns around the prospect of more Iranian oil returning to the market

Prices were already under pressure as broader markets tumbled on inflation concerns and as talks continue on the Iran nuclear deal.

Crude oil stockpiles grew by 1.32 million barrels last week, the largest increase since midMarch

Iran's oil exports slowed noticeably in the first half of May, falling below 600,000 bpd vs 750,000 in April

SELL CRUDEOIL JUN 2021 @ 4820 SL 4900 TGT 4700-4635.MCX

NATURAL GAS

Natural gas trading range for the day is 213.1-222.3.

Natural gas slipped as exports dipped and on forecasts for milder weather and lower demand over the next two weeks than previously expected.

U.S. pipeline exports to Mexico, meanwhile, averaged 6.0 bcfd so far in May, just off April's monthly record of 6.1 bcfd, Refinitiv data showed.

Data provider Refinitiv said gas output in the Lower 48 U.S. states averaged 90.8 billion cubic feet per day (bcfd) so far in May

U.S. natural gas storage is expected to end the April-October injection season at 3.602 trillion cubic feet (tcf) on Oct. 31, the lowest since 2018.

SELL NAT GAS MAY 2021 @ 222.50 SL 228.00 TGT 216.50-212.50.MCX

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