Buy Naturalgas Jun @ 212 SL 208 TGT 217-222. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6328-6624.
Crude oil dropped on a surprise build in U.S. fuel inventories.
Gasoline inventories rose by 2 million barrels, against expectations of a 400,000 barrel draw.
U.S. crude production rose in March to its highest this year, while product supplied fell.
Iran, Libya and Venezuela are exempt from production cuts. CRUDEOIL JUL-JUN -3.00
SELL CRUDEOIL JUN @ 6480 SL 6550 TGT 6400-6340. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 207.7-220.9.
Natural gas declined due to increased drilling activity and concerns about oversupply in storage.
US utilities added 84 billion cubic feet of gas into storage, the largest increase in over a month.
Gas output in Lower 48 U.S. states fell to an average of 97.7 billion cubic feet per day in May.
Daily output increased by about 1.4 billion cubic feet since hitting a 15-week low of 96.3 bcfd on May 1.
BUY NATURALGAS JUN @ 212 SL 208 TGT 217-222. MCX
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Buy Crudeoil Above 6900 SL BELOW 6830 TGT 7000/7050 - Axis Securities Ltd
