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CRUDEOIL

Observations

Crudeoil trading range for the day is 6445-6655.

Crude oil dropped as markets don’t appear too worried about oil supply

EIA data showed that US crude stockpiles fell by 2.508 million barrels last week, declining for the second straight week.

Azerbaijan oil production drops to 476,000 bpd in April, ministry says

The International Energy Agency slashed its global demand growth forecast for this year by 140,000 barrels per day to 1.1 million.

SELL CRUDEOIL JUN @ 6600 SL 6680 TGT 6500-6420. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 212.9-238.7.

Natural gas eased on signs producers were no longer cutting output.

Gas output in the Lower 48 U.S. states fell to an average of 97.3 billion cubic feet per day (bcfd) so far in May.

Meteorologists projected weather across the Lower 48 states would be warmer than normal from May 21-27.

LSEG forecast gas demand in the Lower 48, including exports, would rise from 91.5 bcfd this week to 92.3 next week.

SELL NATURALGAS MAY @ 226 SL 230 TGT 220-216. MCX