SELL CRUDEOIL JUN @ 9200 SL 9300 TGT 9000-8800. MCX
Crudeoil
SELL CRUDEOIL JUN @ 9200 SL 9300 TGT 9000-8800. MCX
Observations
Crudeoil trading range for the day is 8758-9760.
Crude oil dropped as renewed hopes emerged that the US and Iran could reach a diplomatic agreement.
US Secretary of State Marco Rubio said there had been “slight progress” in mediated talks with Iran.
Barclays is maintaining its 2026 average Brent crude oil price forecast at $100 a barrel though risks are skewing higher.
OPEC+ expected to increase July oil output target, sources say
Natural Gas
BUY NATURALGAS MAY @ 274 SL 270 TGT 278-282. MCX
Observations
Naturalgas trading range for the day is 267.8-293.8.
Natural gas slid on forecasts for milder weather and less demand next week than previously expected.
EIA report showed energy firms injected 101 bcf of gas into storage, above market expectations for a 95-bcf build.
Flows to major US LNG export facilities declined from a monthly record of 18.8 bcfd in April to around 17.0 bcfd so far in May.
Goldman Sachs sees China's natgas destocking boosting LNG imports ahead of winte
