Buy Crudeoil Jun @ 8600 SL 8400 TGT 8800-9000. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JUN @ 8600 SL 8400 TGT 8800-9000. MCX
Observations
Crudeoil trading range for the day is 8220-9284.
Crude oil rose after reports that Iran would suspend exchanges of messages with the US.
U.S. crude production was largely steady in March at 13.7 million barrels per day – EIA
Money managers cut its combined futures and options position in New York and London by 19,186 contracts to 91,163 during the period - CFTC
Kazakhstan has restored its oil production to 290,000 metric tons per day following earlier production losses at Tengiz
Natural Gas
BUY NATURALGAS JUN @ 298 SL 294 TGT 304-308. MCX
Observations
Naturalgas trading range for the day is 287.7-331.3.
Natural gas dropped on profit booking after prices gained on forecasts for demand over the next two weeks.
Russia's production of natural gas in January-April rose by 6% year-on-year to 214 billion cubic metres.
Gas production in the Lower 48 states averaged 109.4 billion cubic feet per day in May, slightly below April’s 109.8 bcfd.
Flows to major US LNG export facilities declined to 17.1 bcfd from a record 18.8 bcfd in April due to seasonal maintenance work.
