Buy Crude Oil MAY @ 9600 SL 9400 TGT 9850-10000. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 9600 SL 9400 TGT 9850-10000. MCX
Observations
Crudeoil trading range for the day is 9393-9969.
Crude oil rose as diplomatic attempts to end the US-Iran conflict continued to stall.
Global oil supply to plunge below demand this year on Iran war, IEA says
Saudi Arabia informed OPEC that its oil production had dropped to its lowest level since 1990.
US crude inventories fell by 4.3 million barrels to 452.9 million barrels on rising exports, the EIA said.
NATURALGAS
BUY NATURALGAS MAY @ 272 SL 268 TGT 276-280. MCX
Observations
Naturalgas trading range for the day is 264.1-285.7.
Natural gas gained following an in-line storage injection and a continued decline in output.
Meteorologists forecast the weather will remain mostly near normal through May 29.
Gas output in the U.S. Lower 48 states slid to 109.2 bcfd so far in May, down from 109.8 bcfd in April.
Projected average gas demand in the Lower 48 states, including exports, would hold around 99.2 bcfd this week and next.
