Buy crude Oil MAY @ 8900 SL 8700 TGT 9150-9350. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL MAY @ 8900 SL 8700 TGT 9150-9350. MCX
Observations
Crudeoil trading range for the day is 7750-10278.
Crude oil dropped after reports that the US and Iran are nearing a deal to end the conflict.
Crude oil inventories fell for a third week, while gasoline and distillate stocks also declined.
U.S. field production of crude oil rose to 13.63 million barrels per day in February, the highest since December
U.S. crude oil exports rose to 6.438 million barrels per day last week, the highest on record.
NATURALGAS
BUY NATURALGAS MAY @ 254 SL 250 TGT 260-264. MCX
Observations
Naturalgas trading range for the day is 248.9-271.7.
Natural gas fell on lowered demand forecasts for the next two weeks, with gas flows to LNG export plants expected to drop.
Pipeline flows to LNG export terminals dropped to the lowest level since late January due to routine spring maintenance.
Companies such as EQT Corporation have scaled back drilling or temporarily curtailed production to avoid selling at weak prices.
