Sell Natural Gas MAY @ 275 SL 280 TGT 270-265. MCX - Kedia Advisory
CRUDE OIL
BUY CRUDEOIL MAY @ 9800 SL 9600 TGT 10100-10400. MCX
Observations
Crudeoil trading range for the day is 9211-10667.
Crude oil gains after Iran's navy said it had prevented a U.S. warship from entering the Strait of Hormuz.
OPEC+ says it will raise oil output by 188,000 barrels per day in June.
The latest increase is slightly less than the 206,000 bpd raise OPEC+ announced last month.
Oil exports from the Middle East remain largely choked off due to the Iran conflict.
NATURAL GAS
SELL NATURALGAS MAY @ 275 SL 280 TGT 270-265. MCX
Observations
Naturalgas trading range for the day is 260.1-283.3.
Natural gas rose supported by smaller storage injection, lower production, and near-record LNG exports.
EIA reported a 79 Bcf injection into storage, broadly in line with expectations of an 80 Bcf build.
Production has weakened further, falling by around 2.0 bcfd over the past five days.
LNG export feedgas also rose to 18.8 bcfd so far in April from 18.6 bcfd in March.
