BUY NATURALGAS MAY @ 272 SL 266 TGT 280-285. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL JUN @ 5300 SL 5380 TGT 5220-5140. MCX
Observations
Crudeoil trading range for the day is 5196-5322.
Crude oil dropped on hopes OPEC+ may raise July output by 411,000 bpd.
Reports of limited progress in US-Iran nuclear talks alleviated concerns of more Iranian oil returning to global markets.
U.S. firms cut the number of operating oil rigs by eight to 465 last week, the lowest since November 2021.
Money managers cut their net long U.S. crude futures and options positions in the week to May 20 - CFTC
NATURAL GAS
BUY NATURALGAS MAY @ 272 SL 266 TGT 280-285. MCX
Observations
Naturalgas trading range for the day is 267.3-290.7.
Natural gas eased on mild output drop, weaker-than-expected demand forecasts.
The number of rigs drilling for natural gas in the United States fell by 2 to 98
Gas stockpiles were currently around 4% above the five-year (2020-2024) average.
Average gas output in the Lower 48 U.S. states fell to 104.9 bcfd in May
