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CRUDEOIL

Crude oil trading range for the day is 7858-8798.

Crude oil prices moved higher amid expectations of a pick up in energy demand on reports Chinese officials are planning to ease restrictions in Shanghai.

US SPR stocks fall to lowest since Nov 1987 – EIA

U.S. crude oil inventories fell last week as refining activity picked up ahead of the busy summer driving season

U.S. crude output, slipped 100,000 bpd last week to 11.8 million bpd, the first weekly decline since January, EIA said.

BUY CRUDEOIL JUN 2022 @ 8320 SL 8200 TGT 8480-8600.MCX

NATURAL GAS

Natural gas trading range for the day is 597.6-685.8.

Natural gas rose on a drop in daily output over the past few days and forecasts for more demand next week than previously expected.

The U.S. Energy Information Administration (EIA) said utilities added 89 billion cubic feet (bcf) of gas to storage during the week ended May 13.

Power demand in Texas hit a monthly record high as homes and businesses keep their air conditioners cranked up to escape a spring heatwave.

Data provider Refinitiv said average gas output in the U.S. Lower 48 states climbed to 94.8 bcfd so far in May from 94.5 bcfd in April.

SELL NAT GAS MAY 2022 @ 670.00 SL 690.00 TGT 640.00-620.00.MCX

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