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CRUDE OIL

Observation

Crudeoil trading range for the day is 6352-6676.

Crude oil gains triggered by a larger-than-expected decrease in oil inventories.

EIA report showed a 2.508 million barrel decline in US crude stocks

Crude oil stocks in the US declined by 3.104 million barrels – API

The IEA anticipates global demand to increase by 1.1 mbpd this year, a decrease of 140,000 bpd from the previous estimate.

BUY CRUDEOIL MAY @ 6500 SL 6420 TGT 6580-6650. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 189.5-206.9.

Natural gas climbed on a drop in output and forecasts for warmer weather over the next two weeks.

That price increase was kept in check by the tremendous oversupply of gas still in storage.

Gas output in the Lower 48 U.S. states fell to an average of 97.1 billion cubic feet per day (bcfd) so far in May.

Meteorologists projected weather across the Lower 48 states would turn from near normal now to warmer than normal levels from May 18-30.

BUY NATURALGAS MAY @ 196 SL 192 TGT 204-207. MCX