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CRUDEOIL

Observations

Crudeoil trading range for the day is 6532-6774.

Crude oil dropped as the IEA said that total global stocks grew

Geopolitical concerns in the Middle East limited the downside.

Oil storage rise supports case for keeping OPEC+ cuts

UBS expects OPEC+ to extend current cut for at least another three months at its upcoming meeting on 2 June

SELL CRUDEOIL JUN @ 6650 SL 6750 TGT 6550-6480. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 212.2-242.6.

Natural gas fell due to increased gas extraction from the ground and concerns about oversupply in storage.

Despite forecasts for increased demand next week and increased gas flow to LNG export plants, the price decline occurred.

Gas output in Lower 48 US states fell to an average of 97.7 billion cubic feet per day in May, down from 98.2 billion in April.

Daily output increased by about 0.5 billion cubic feet since a 15-week low of 96.3 bcfd on May 1.

SELL NATURALGAS JUN @ 226 SL 230 TGT 220-216. MCX