Sell Crudeoil MAY @ 8480 SL 8630 TGT 8280-8180. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL MAY @ 8480 SL 8630 TGT 8280-8180. MCX
Observations
Crudeoil trading range for the day is 7775-8931.
Crude oil gained after Russia has been forced to reduce oil output in April by nearly 300,000 to 400,000 bpd.
Russia is also set to stop oil exports from Kazakhstan to Germany via the Druzhba pipeline from May 1.
North Dakota oil production up 4,000 bpd in February vs January to 1,130,000 bpd
Shipping through the Strait of Hormuz, a corridor for about a fifth of the world's oil supply, remained limited.
Natural Gas
BUY NATURALGAS APR @ 247 SL 243 TGT 253-257. MCX
Naturalgas trading range for the day is 244.5-258.1.
Natural gas gains amid a drop in output and near-record gas flows to U.S. LNG export plants.
U.S. gas output drops to 11-week low, inventories rise to 7% above normal
LNG export flows near record highs; Golden Pass facility to soon ship first cargo
Average gas output in the U.S. Lower 48 states held at 110.4 bcfd so far in April, the same as in March.
