Sell Crude Oil MAY @ 5320 SL 5400 TGT 5240-5180. MCX - Kedia Advisory
CRUDE OIL
SELL CRUDEOIL MAY @ 5320 SL 5400 TGT 5240-5180. MCX
Observations
Crudeoil trading range for the day is 5152-5502.
Crude oil prices declined amid US-China trade uncertainty.
Fears grow over global growth and weaker fuel demand.
OPEC+ may propose a second consecutive output hike on May 5.
BNP Paribas expects Brent in the high $60s per barrel in the second quarter of this year.
NATURAL GAS
SELL NATURALGAS MAY @ 292 SL 298 TGT 282-275. MCX
Observations
Naturalgas trading range for the day is 251.2-304.6.
Natural gas gained on forecasts for higher demand this week than previously expected.
However upside seen limited on rising output and forecasts for mild weather through mid-May.
Average gas output has risen to 106.5 bcfd in April from a monthly record of 106.2 bcfd in March.
Storage levels about 1% below seasonal norms after winter demand surge
