IGI Logo

CRUDEOIL

Observations

Crudeoil trading range for the day is 6431-6623.

Crude oil gains as market participants await potential output cut extensions.

Gasoline demand in the U.S. reached its highest level since November

The stronger US PMI data dampened expectations for Federal Reserve interest rate cuts.

U.S. weekly imports of crude oil from Mexico fell to 184,000 bpd last week, its lowest on record.

BUY CRUDEOIL JUN @ 6500 SL 6400 TGT 6600-6700. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 223.6-243.6.

Natural gas recovered from lows on lifted forecasts for weekly demand

More gas was flowing to LNG export plants with flows to Freeport LNG's plant in Texas up to an 11-month high.

The number of rigs drilling for natural gas in the US fell by 4 this week to 99.

Output in the Lower 48 U.S. states fell to an average of 97.5 bcfd so far in May

BUY NATURALGAS JUN @ 232 SL 228 TGT 237-242. MCX