IGI Logo

Crudeoil

Crudeoil trading range for the day is 7044-7316.

Crude oil fell amid the easing of Middle East tensions.

Israel and Hamas also restarted peace talks in Egypt, easing tensions.

Saudi Arabia raised official selling prices for all crude grades to Asia in May as global supply tightened

U.S. crude oil production fell in January to 12.533 million barrels per day (bpd).

BUY CRUDEOIL APR @ 7150 SL 7050 TGT 7250-7350. MCX

Naturalgas

Naturalgas trading range for the day is 143.3-160.1.

Natural gas edged up on forecasts for more demand than previously expected.

Support also seen amid continued drop in output as producers reduce drilling activities.

Gas output in Lower 48 U.S. states fell to 99.4 billion cubic feet per day in April, down from 100.8 bcfd in March.

LSEG forecasts gas demand in the Lower 48, including exports, to fall from 101.2 bcfd this week to 96.4 bcfd next week.

BUY NATURALGAS APR @ 150 SL 145 TGT 155-158. MCX