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CRUDEOIL

Crude oil trading range for the day is 8327-8745.

Crude oil settled lower amid concerns about the outlook for energy demand due to the impact of China's Covid-19 curbs.

The U.S. Strategic Petroleum Reserve (SPR) fell by 5 million barrels to 538 million barrels, its lowest since November of 1987

Money managers raised their net long U.S. crude futures and options positions in the week to May 17

Indian oil minister says oil at $110 a barrel not sustainable

SELL CRUDEOIL JUN 2022 @ 8650 SL 8800 TGT 8480-8350.MCX

NATURAL GAS

Natural gas trading range for the day is 655.7-706.3.

Natural gas jumped as power generators and liquefied natural gas (LNG) exports plants consumed more of the fuel.

The amount of gas in U.S. storage compared to normal levels for this time of year has fallen below the amount of gas available in Northwest European stockpiles.

Speculators increased their net long futures and options positions for the first time in five weeks to their highest since early May

Refinitiv projected average U.S. gas demand, including exports, would ease from 89.4 bcfd this week to 88.0 bcfd next week.

SELL NAT GAS MAY 2022 @ 695.00 SL 725.00 TGT 660.00-640.00.MCX

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