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Crudeoil

Observations

Crudeoil trading range for the day is 6451-6647. Crude oil dropped after data showed an unexpected build in U.S. crude stockpiles. Iraq's oil ministry said it is fully committed to compensating for any crude oil overproduction in 2024 IEA trimmed its 2024 oil demand growth forecast by 100,000 bpd to 960,000 bpd citing sluggish consumption in developed countries Oil demand set to peak by 2029, major supply glut looms, IEA says

SELL CRUDEOIL JUN @ 6600 SL 6680 TGT 6500-6400. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 234-265.2. Natural gas dropped amid expectations supplies will soon rise Recent increases in prices and demand prompted EQT, to start boosting output. US utilities added 74 billion cubic feet of gas into storage US EIA deepens forecast for drop in US natgas output in 2024

SELL NATURALGAS JUN @ 250 SL 255 TGT 245-240. MCX