Buy Crude Oil May @ 4800 SL 4720 TGT 4880-4940. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 4800 SL 4720 TGT 4880-4940. MCX
Observations
Crudeoil trading range for the day is 4660-4960.
Crude oil dropped after OPEC+ confirms June hike of 411,000 bpd.
Total added supply may reach 2.2 million bpd by November.
Saudi Arabia aims to discipline quota violators within OPEC+.
Supply concerns outweigh optimism over potential U.S.-China trade talks.
NATURAL GAS
BUY NATURALGAS MAY @ 295 SL 290 TGT 302-308. MCX
Observations
Naturalgas trading range for the day is 287.9-322.1
Natural gas slid pressured by forecasts for weaker demand and reduced flows to LNG export terminals.
Speculators cut their net long futures and options positions for an eighth week in a row to the lowest since January.
US LNG export feedgas hit record high in April
US gas storage about 1% over five-year normal
