Buy Crudeoil MAY @ 8700 SL 8550 TGT 8850-8950. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAY @ 8700 SL 8550 TGT 8850-8950. MCX
Observations
Crudeoil trading range for the day is 8021-9161.
Crude oil prices rose after reports of gunfire attacks on at least three container ships in the Strait of Hormuz.
Iran has said it will not reopen the strait while US naval interceptions continue.
Russia has been forced to reduce oil output in April by nearly 300,000 to 400,000 barrels per day.
Oil production in North Dakota rose 4,000 barrels-per-day (bpd) to 1,130,000 bpd in February
Natural Gas
BUY NATURALGAS APR @ 252 SL 248 TGT 257-262. MCX
Observations
Naturalgas trading range for the day is 250.9-261.1.
Natural gas rose supported by recent production declines and near-record flows to LNG export facilities.
Average output has dropped by roughly 3.9 bcfd over the past 15 days, reaching an eleven-week low of 108.2 bcfd on Tuesday.
Mild spring weather has allowed for strong storage injections, leaving stockpiles about 7% above the five-year average as of April 17.
Weather forecasts have also shifted warmer across the US Midwest through late April, which is expected to reduce heating demand.
