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CRUDE OIL

Observation

Crudeoil trading range for the day is 6366-6722.

Crude oil prices rebounded as EIA data showed a draw in US crude oil stocks.

US seeks to buy more than 3 mln barrels of oil for SPR, Energy Department says

US EIA cuts 2024 world oil demand growth forecast

The EIA now expects global oil and liquid fuels consumption to grow by 920,000 bpd this year to 102.84 mbpd.

BUY CRUDEOIL MAY @ 6550 SL 6470 TGT 6650-6750. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 176-193.2.

Natural gas eased on worries the tremendous oversupply of gas in storage will increase.

Limiting gains was a forecast calling for demand to decline more than expected over the next two weeks.

U.S. gas production was down about 11% so far in 2024 after several energy firms, including EQT and Chesapeake Energy.

Gas output in the Lower 48 U.S. states fell to an average of 96.9 bcfd so far in May, down from 98.1 bcfd in April.

SELL NATURALGAS MAY @ 185 SL 189 TGT 180-176. MCX