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CRUDEOIL

SELL CRUDEOIL MAY @ 5350 SL 5450 TGT 5250-5150. MCX

Observations

Crudeoil trading range for the day is 5126-5388.

Crude oil sank as global oversupply concerns weighed on prices.

IEA expects global oil demand growth to slow to 650,000 barrels per day for the rest of 2025

Reports indicated that Iran is open to a deal with the US in exchange for sanctions relief, could increase Iranian oil inflows.

OPEC trimmed its 2025 forecast for oil supply growth from the US and other non-OPEC+ producers to 800,000 bpd, down from 900,000 bpd.

NATURAL GAS

SELL NATURALGAS MAY @ 296 SL 302 TGT 290-285. MCX

Observations

Naturalgas trading range for the day is 284.2-303.4.

Natural gas fell on lower demand outlook, reduced LNG flows from maintenance.

Average LNG feedgas fell to 15.1 bcfd so far in May from a record of 16.0 bcfd in April.

Gas output in the Lower 48 states slipped to 103.7 bcfd so far in May from 105.8 bcfd in the previous month.

Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through May 28.