Sell natural Gas MAY @ 294 SL 298 TGT 290-286. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JUN @ 9980 SL 10120 TGT 9780-9620. MCX
Observations
Crudeoil trading range for the day is 9317-10301.
Crude oil gains as uncertainty deepened over US Iran negotiations aimed at reopening the key Strait of Hormuz.
The US will replenish every barrel of oil it releases from the Strategic Petroleum Reserve, Energy Secretary Chris Wright said.
Iraq exported 10 million barrels of oil in April through Strait of Hormuz Trump, Xi agree Strait of Hormuz must stay open, White House says
NATURALGAS
SELL NATURALGAS MAY @ 294 SL 298 TGT 290-286. MCX
Observations
Naturalgas trading range for the day is 282.1-302.5.
Natural gas climbed following a near-normal storage report and a continued decline in output.
The EIA reported an injection of 85 bcf of gas into storage, matching forecasts, below the 109 bcf build a year earlier.
Production continued to fall as some energy companies, such as EQT, scaled back activity in response to persistently weak spot prices.
Weather forecasts point to mostly normal conditions through late May, limiting near-term upside demand from cooling needs.
