Buy Crude Oil MAY @ 6550 SL 6450 TGT 6650-6750. MCX - Kedia Advisory
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CRUDE OIL
Observation
Crudeoil trading range for the day is 6494-6732. Crude oil dropped amid a rebound in stockpiles and hopes of a ceasefire in the Middle East.
Crude oil inventories in the US surged by 7.265 million barrels on the week ending April 26th.
Crude stocks at the Cushing, Oklahoma, delivery hub jumped by 1.089 million barrels to make up for the 0.659 draw.
The EIA also said that US crude oil production rose to 13.15 million barrels per day in February from 12.58 in the earlier month
BUY CRUDEOIL MAY @ 6550 SL 6450 TGT 6650-6750. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 160.6-175.6.
Natural gas prices rose due to increased feedgas flow to LNG export plants.
US gas production has dropped by around 10% in 2024 due to delayed well completions.
Gas output in Lower 48 states has fallen to an average of 95.7 billion cubic feet per day in May.
Daily output is expected to drop by 2.1 billion cubic feet per day to a preliminary 15-week low of 95.6 bcfd.
BUY NATURALGAS MAY @ 165 SL 162 TGT 170-174. MCX
