Sell Crudeoil MAY @ 9550 SL 9700 TGT 9300-9150. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL MAY @ 9550 SL 9700 TGT 9300-9150. MCX
Observations
Crudeoil trading range for the day is 8943-9919.
Crude oil gained as stalled efforts to end the Iran war kept the Strait of Hormuz largely closed, constraining Middle East supplies.
IEA has warned of a potential unprecedented supply shock, alongside growing risks of a slowdown in global demand.
UAE decides to exit OPEC and OPEC+ as of May 1
World Bank forecasts 24% surge in energy prices in 2026 due to Middle East war
Natural Gas
SELL NATURALGAS MAY @ 259 SL 263 TGT 253-250. MCX
Observations
Naturalgas trading range for the day is 251.9-264.7.
Natural gas eased on expectations mild weather will allow energy firms to keep injecting more gas than usual into storage.
However, downside seen limited amid a drop in output in recent weeks and near-record liquefied natural gas exports.
Average gas output in the U.S. Lower 48 states fell to 110.1 bcfd so far in April, down from 110.4 bcfd in March.
On a daily basis, output was on track to drop by around 3.8 bcfd over the past 22 days to a preliminary 12-week low of 108.3 bcfd.
