IGI Logo

CRUDEOIL

Observations

Crudeoil trading range for the day is 6915-7085.

Crude oil gained underpinned by an improving demand outlook and persistent supply risks related to the Middle East conflict.

Support seen at lower levels as a top U.S. official expressed optimism over economic growth.

U.S. crude oil inventories unexpectedly fell sharply last week, while gasoline stockpiles slipped lower and distillate inventories rose.

Crude stocks slumped by 6.4 million barrels to 453.6 million barrels in the week ended April 19, the EIA said.

SELL CRUDEOIL MAY @ 7050 SL 7150 TGT 6950-6850. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 155.6-169.6.

Natural gas slipped weighed down by a drop in feed gas to Freeport LNG's Texas export terminal.

EIA said utilities injected 92 billion cubic feet (bcf) of gas into storage

Gas output in the Lower 48 U.S. states had fallen to an average of 96.8 billion cubic feet per day (bcfd) in April from 100.8 bcfd in March.

U.S. gas production has dropped by around 10% in 2024.

BUY NATURALGAS MAY @ 158 SL 154 TGT 162-166. MCX