Sell Crudeoil May @ 5480 SL 5580 TGT 5380-5260. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL MAY @ 5480 SL 5580 TGT 5380-5260. MCX
Observations
Crudeoil trading range for the day is 5159-5577. Crude oil rose amid optimism about the outlook for demand after the U.S. and China reached a trade deal. Attention has shifted to developments in the Middle East, with President Trump beginning his regional tour in Saudi Arabia. Saudi oil supply to China set to stay at one-year high in June OPEC has raised oil output by more than previously expected since April, with May output likely to increase by 411,000 bpd.
Naturalgas
SELL NATURALGAS MAY @ 313 SL 318 TGT 316-300. MCX
Observations
Naturalgas trading range for the day is 297.6-323.8. Natural gas fell on a rise in output in recent days coupled with a decline in gas flows to LNG export plants. That price drop came despite forecasts for more demand this week than previously expected. Speculators last week boosted their net long futures and options positions for the first time in nine weeks. Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through May 27.
