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CRUDEOIL

Observations

Crudeoil trading range for the day is 6691-7057.

Crude oil gains as the dollar slipped amid improvement in investors' risk appetite

Business activity in the euro zone expanded at its fastest pace in nearly a year this month

U.S. Senate to consider aid package with Iran oil sanctions

Markets look ahead to U.S. GDP and inflation data this week

BUY CRUDEOIL MAY @ 6850 SL 6750 TGT 6950-7050. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 167.2-177.4.

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 MAY @ 170 SL 166 TGT 175-178. MCX