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CRUDEOIL

Observations

Crudeoil trading range for the day is 6497-6723.

Crude oil dropped as markets don’t appear too worried about oil supply

EIA data showed that US crude stockpiles fell by 2.508 million barrels last week, declining for the second straight week.

Azerbaijan oil production drops to 476,000 bpd in April, ministry says

The International Energy Agency slashed its global demand growth forecast for this year by 140,000 barrels per day to 1.1 million.

SELL CRUDEOIL JUN @ 6600 SL 6680 TGT 6500-6420. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 214.7-235.1.

Natural gas climbed with an increase in the amount of feedgas to LNG export plants.

Keeping that price increase in check has been the tremendous surplus of gas in storage.

Gas output in the Lower 48 U.S. states fell to an average of 97.2 billion cubic feet per day (bcfd) so far in May.

Meteorologists projected weather across the Lower 48 states would remain mostly warmer than normal through June 1.

SELL NATURALGAS MAY @ 230 SL 235 TGT 223-218. MCX