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Crudeoil

Crudeoil trading range for the day is 7026-7402.

Crude oil gains as the prospect of a wider conflict in Middle East continued to stoke fears of supply

OPEC predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024.

OPEC output increased by 110,000 barrels per day against February’s data.

IEA trims oil demand forecast on weakness in wealthier countries CRUDEOIL MAY-APR -34.00

SELL CRUDEOIL APR @ 7250 SL 7350 TGT 7150-6950. MCX

Naturalgas

Naturalgas trading range for the day is 143.6-152.

Natural gas gains amid continued drop in output as producers keep reducing drilling activities.

Concerns about oversupply of gas in storage and lower demand due to drop in feedgas to Freeport LNG export plant.

US utilities increased natural gas storage by 24 billion cubic feet, the largest increase since mid-November.

Gas output in Lower 48 U.S. states fell to an average of 98.8 billion cubic feet per day in April.

BUY NATURALGAS APR @ 145 SL 140 TGT 150-155. MCX