Sell CRUDEOIL JUN @ 5250 SL 5350 TGT 5150-5050. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUN @ 5250 SL 5350 TGT 5150-5050. MCX
Observations
Crudeoil trading range for the day is 5056-5478.
Crude oil dropped ahead of OPEC+ decision, with markets expecting a July output hike.
OPEC+ may increase output by 411,000 bpd; final decision expected on May 31.
Kazakhstan has informed OPEC that it does not intend to reduce its oil production.
Goldman Sachs sees steady output after July hike amid slowing growth and rising inventories
NATURAL GAS
SELL NATURALGAS JUN @ 304 SL 310 TGT 298-294. MCX
Observations
Naturalgas trading range for the day is 288.3-311.7.
Natural gas prices fell amid weaker demand and reduced LNG export plant feedgas flows.
US utilities added 101 billion cubic feet of natural gas to storage from the previous week to 2.476 trillion cubic feet
Average LNG feedgas dropped to 15.1 bcfd in May from April’s record 16.0 bcfd.
Warmer-than-normal weather into mid-June could help support air conditioning-driven gas demand.
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