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CRUDE OIL

Observation

Crudeoil trading range for the day is 6465-6651.

Crude oil dropped as Hamas agreed to a ceasefire proposal put forward by mediators.

Saudi Aramco hiked the official selling price of its Arab Light crude grade by 90 cents per barrel for June.

US crude and gasoline inventories rise, distillate inventories fall – EIA

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels in the week, the EIA said.

BUY CRUDEOIL MAY @ 6500 SL 6420 TGT 6580-6650. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 174-195.2.

Natural gas gained on forecasts for higher demand over the next two weeks than previously expected.

Feedgas to liquefied natural gas export plants increased with the return of Freeport LNG in Texas.

Prices were also supported by an ongoing decline in output.

Gas output in the Lower 48 U.S. states fell to an average of 96.9 billion bcfd so far in May, down from 98.1 bcfd in April.

SELL NATURALGAS MAY @ 189 SL 193 TGT 184-180. MCX