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CRUDEOIL

Crude oil trading range for the day is 7797-8487.

Crude oil ended higher shrugging off early weakness despite persisting concerns about growth and the outlook for energy demand.

U.S. crude stocks jump on big release from strategic reserves - EIA

OPEC cites the impact of the war in Ukraine and COVID-19 restrictions in China for demand the downgrade

Its oil output rose by 153,000 bpd in April to 28.65 million bpd, lagging pledged increase under the OPEC+ deal.

SELL CRUDEOIL MAY 2022 @ 8350 SL 8520 TGT 8150-7950.MCX

NATURAL GAS

Natural gas trading range for the day is 547.1-629.1.

Natural gas rose on a smaller than normal weekly storage build and a jump in European gas prices on Russian supply concerns.

EIA said utilities added 76 billion cubic feet (bcf) of gas to storage during the week ended May 6.

U.S. natural gas production and demand will both rise in 2022 as the economy grows

Natgas stocks rise as Kyiv shuts major pipeline to Europe

SELL NAT GAS MAY 2022 @ 620.00 SL 640.00 TGT 590.00-570.00.MCX

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