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CRUDEOIL

Observations

Crudeoil trading range for the day is 6385-6673.

Crude oil prices dropped due to rising global oil inventories in April.

Rising global oil inventories may strengthen the case for OPEC+ producers to maintain supply cuts.

Oil markets have been under pressure recently over expectation the Federal Reserve will keep interest rates higher for longer.

Stocks of crude oil in the United States decreased by 4.16 million barrels.

BUY CRUDEOIL JUN @ 6440 SL 6370 TGT 6520-6600. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 209.1-227.9.

Natural gas declined due to increased drilling activity and concerns about oversupply in storage.

US utilities added 84 billion cubic feet of gas into storage, the largest increase in over a month.

Gas output in Lower 48 U.S. states fell to an average of 97.7 billion cubic feet per day in May.

Daily output increased by about 1.4 billion cubic feet since hitting a 15-week low of 96.3 bcfd on May 1.

SELL NATURALGAS JUN @ 220 SL 225 TGT 215-210. MCX