Sell Crudeoil Apr @ 5290 SL 5340 TGT 5220-5170. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL APR @ 5290 SL 5340 TGT 5220-5170. MCX
Observations
Crudeoil trading range for the day is 5143-5437.
Crude oil prices fell as OPEC cut 2025 global oil demand growth forecast for first time.
OPEC forecasts world oil demand growth of 1.30 million bpd in 2025, down 150,000 bpd.
China's crude oil imports surged nearly 5% in March, highest since August 2023.
Kazakhstan's oil output decreased in early April but remains above OPEC+ quota commitments.
NATURAL GAS
SELL NATURALGAS APR @ 298 SL 305 TGT 290-284. MCX
Observations
Naturalgas trading range for the day is 279-318.
Natural gas fell due to rising production and mild weather forecasts.
Average gas output in the Lower 48 US states rose to 106.3 billion cubic feet per day so far in April.
Also, warmer-than-usual temperatures are expected to persist through April 29, reducing heating demand.
The number of rigs drilling for natural gas in US rose by 1 to 97.
