BUY CrudeOil May @ 9900 SL 9700 TGT 10200-10400. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAY @ 9900 SL 9700 TGT 10200-10400. MCX
Observations
Crudeoil trading range for the day is 9670-10354.
Crude oil climbed as the Strait of Hormuz remained effectively closed, keeping global supply concerns elevated.
IEA warned that the oil market could remain severely undersupplied until October even if fighting ends next month.
Oil inventories continue to tighten, while tanker traffic through Hormuz remains extremely limited.
US crude inventories fell by 4.306 mln barrels to 452.9 mln barrels, compared with expectations for a 2.1 million barrel draw.
Natural Gas
BUY NATURALGAS MAY @ 280 SL 275 TGT 285-290. MCX
Observations
Naturalgas trading range for the day is 274.3-290.7.
Natural gas climbed following an in-line storage injection and a continued decline in output.
a continued decline in output. EIA reported an injection of 85 bcf of gas into storage, below the 109 bcf build a year earlier.
On the supply side, production continued to fall as some energy companies, such as EQT.
Weather forecasts point to mostly normal conditions through late May, limiting near-term upside demand from cooling needs.
