Buy Crude oil May @ 4920 SL 4850 TGT 5000-5080. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 4920 SL 4850 TGT 5000-5080. MCX
Observations
Crudeoil trading range for the day is 4826-5174.
Crude oil dropped amid lingering concerns about the outlook for global demand.
Crude oil inventories in the US fell by 2.032 million barrels, more than market expectations of a 1.7 million barrel decrease.
OPEC+ announced plans to accelerate production increases, raising oversupply fears.
Some US producers, including Diamondback Energy and Coterra Energy, are responding by reducing drilling activity.
NATURAL GAS
BUY NATURALGAS MAY @ 300 SL 295 TGT 306-312. MCX
Observations
Naturalgas trading range for the day is 293.5-315.3.
Natural gas rose driven by a drop in output and record LNG exports.
Production was on track to drop by around 4.8 bcfd to a seven-week low of 102.6 bcfd.
LNG exports hit a record average of 16.0 bcfd in April.
Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through May 21.
