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CRUDE OIL

Observation

Crudeoil trading range for the day is 6421-6671.

Crude oil dropped after U.S. data suggested inflation remains sticky.

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024

Azerbaijan oil output at 9.6 mln metric tons in Jan – April

US oil output in top shale regions to hit six-month high in June, EIA says

BUY CRUDEOIL MAY @ 6480 SL 6400 TGT 6580-6650. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 189.7-204.3.

Natural gas gains amid an increase in gas flows to LNG export plants

However upside seen limited due to lower demand and concerns about a large oversupply in storage.

Gas output in the Lower 48 U.S. states fell to an average of 97.2 billion cubic feet per day (bcfd) so far in May

Meteorologists predict weather across Lower 48 states to remain mostly normal through May 29.

BUY NATURALGAS MAY @ 193 SL 188 TGT 198-20. MCX