Buy Natural Gas May @ 276 SL 270 TGT 283-289. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL JUN @ 5220 SL 5140 TGT 5300-5380. MCX
Observations
Crudeoil trading range for the day is 5092-5372. Crude oil dropped as U.S.
President Donald Trump recommended a 50% tariff on the European Union.
Pressure also seen amid expectations rose that OPEC+ will increase crude output further in July.
OPEC+ is holding meetings next week expected to yield another output increase of 411,000 bpd for July.
Investors closely monitored developments ahead of the fifth round of nuclear talks between the US and Iran this weekend
NATURALGAS
BUY NATURALGAS MAY @ 276 SL 270 TGT 283-289. MCX
Observations
Naturalgas trading range for the day is 269.6-291.4.
Natural gas gains on a drop in output and forecasts for hotter-than-normal weather.
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.
Meteorologists projected the weather across the Lower 48 state would remain mostly warmer than normal through June 7.
