Buy Crudeoil May @ 6850 SL 6750 TGT 6950-7050. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6796-7004.
Crude oil recovers underpinned by an improving demand outlook and persistent supply risks related to the Middle East conflict.
U.S. economic growth slowed in first quarter
U.S. gasoline stockpiles fall less than expected
Investors remained concerned about the risks of wider conflict in the Middle East.
BUY CRUDEOIL MAY @ 6850 SL 6750 TGT 6950-7050. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 159.4-169.8.
Natural gas slipped on an outlook for reduced heating demand next week
US utilities added 92 bcf of gas into storage during the week ended April 19th 2024, the biggest rise in six months
Natural gas output in Lower 48 U.S. states fell to an average of 96.8 bcfd in April from 100.8 bcfd in March.
U.S. gas production dropped by around 10% in 2024 due to delayed well completions and reduced drilling activities.
BUY NATURALGAS MAY @ 165 SL 162 TGT 169-171. MCX
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