Buy Crudeoil May @ 4950 SL 4850 TGT 5050-5150. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 4950 SL 4850 TGT 5050-5150. MCX
Observations
Crudeoil trading range for the day is 4815-5151.
Crude oil rose amid renewed tensions in the Middle East after Israel carried out air strikes on Yemen's Hodeidah port.
OPEC+ decision to accelerate its output hikes for a second straight month.
Total U.S. crude oil production rose slightly in February as Texas and New Mexico reversed recent declines and pumped more barrels
U.S. shipments of crude oil via rail in February fell by 41,000 barrels per day (bpd) from the previous month to 276,000 bpd
NATURAL GAS
BUY NATURALGAS MAY @ 290 SL 285 TGT 295-300. MCX
Observations
Naturalgas trading range for the day is 277.8-315.
Natural gas fell on forecasts for weaker demand and rumors of Freeport LNG plant shutdown.
Production has fallen by 2.8 bcfd over the past five days to a two-month low of 102.6 bcfd on Friday.
LNG exports hit a record average of 16.0 bcfd in April, driven by increased flows to the under-construction Plaquemines facility.
EIA data showed a larger-than-usual storage build of 107 bcf for the week ended April 25, due to mild weather reducing demand.
