Buy Crudeoil May @ 6800 SL 6700 TGT 6900-7000. MCX - Kedia Advisory
CRUDEOIL
Observations
Crudeoil trading range for the day is 6688-6946.
Crude oil dropped as geopolitical concerns in the Middle East eased.
Global economic uncertainties and fears that the Fed will keep interest rates higher for longer weighed on the outlook.
Money managers cut their net long U.S. crude futures and options positions
US imports of Mexican crude drop to record low for second straight week, EIA says
BUY CRUDEOIL MAY @ 6800 SL 6700 TGT 6900-7000. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 141.7-153.1.
Natural gas prices increased due to cooler weather, increased demand, and rising gas flows to LNG export plants.
US gas production has dropped by around 10% in 2024 due to delayed well completions and reduced drilling activities.
Gas output in Lower 48 states fell to an average of 98.2 billion cubic feet per day in April, down from 100.8 bcfd in March.
Daily output is expected to drop by about 2.7 bcfd to a preliminary three-month low of 95.9 bcfd.
BUY NATURALGAS APR @ 145 SL 142 TGT 149-153. MCX
