Buy Crude Oil JUN @ 5250 SL 5150 TGT 5350-5450. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL JUN @ 5250 SL 5150 TGT 5350-5450. MCX
Observations
Crudeoil trading range for the day is 5160-5442.
Crude oil drops as weak China data and US credit downgrade pressure prices
Figures showed a slowdown in the pace of China's industrial output and retail sales.
However, losses in oil prices were limited by ongoing uncertainty surrounding Iran-US nuclear talks, which could affect global crude supply.
Total U.S. distillate fuel oil stocks, fell by about 3.2 mln bbls last week to 103.6 mlb bbls, the lowest since April 2005.
NATURAL GAS
BUY NATURALGAS MAY @ 265 SL 255 TGT 275-285. MCX
Observations
Naturalgas trading range for the day is 256.5-288.3.
Natural gas dropped due to weaker demand and reduced LNG export activity.
Warmer May weather lowers heating demand, while mild temperatures limit air conditioning usage.
LNG export terminal flows fell amid seasonal maintenance, boosting domestic gas supply.
EIA reported a 110 bcf storage build, signaling reduced overall energy consumption needs.
