Buy Crude Oil May @ 10100 SL 9900 TGT 10350-10550. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 10100 SL 9900 TGT 10350-10550. MCX
Observations
Crudeoil trading range for the day is 9097-10733.
Crude oil prices rose on reports the U.S. will extend its blockade of Iranian ports.
Trump urges Iran to sign a deal after report suggests US may extend blockade
The Kremlin said that Russia planned to stay in OPEC+ despite a decision by the United Arab Emirates to leave.
Investors were also assessing the ramifications of the United Arab Emirates' surprise decision to quit OPEC
NATURAL GAS
BUY NATURALGAS MAY @ 248 SL 244 TGT 252-256. MCX
Observations
Naturalgas trading range for the day is 246-260.
Natural gas eased on expectations mild weather will allow energy firms to keep injecting more gas than usual into storage.
However, downside seen limited amid a drop in output in recent weeks and near-record liquefied natural gas exports.
Average gas output in the U.S. Lower 48 states fell to 110.1 bcfd so far in April, down from 110.4 bcfd in March.
On a daily basis, output was on track to drop by around 3.8 bcfd over the past 22 days to a preliminary 12-week low of 108.3 bcfd.
