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CRUDEOIL

Observations

Crudeoil trading range for the day is 6475-6891.

Crude oil dropped amid a rebound in stockpiles and hopes of a ceasefire in the Middle East.

Crude oil inventories in the US surged by 7.265 million barrels on the week ending April 26th.

Crude stocks at the Cushing, Oklahoma, delivery hub jumped by 1.089 million barrels to make up for the 0.659 draw.

The EIA also said that US crude oil production rose to 13.15 million barrels per day in February from 12.58 in the earlier month

SELL CRUDEOIL MAY @ 6660 SL 6740 TGT 6580-6820. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 158.1-167.3.

Natural gas fell amid signs of ample supply.

Data showed that domestic LNG exports fell by 1.55 million metric tons to 6.19 million in April

Lower LNG exports increase the availability of natural gas for domestic use, lifting supply.

Domestic inventories rose by 92 Bcf from the earlier week in the period ending April 19th

BUY NATURALGAS MAY @ 160 SL 156 TGT 165-168. MCX