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Crudeoil

SELL CRUDEOIL JUN @ 5425 SL 5500 TGT 5340-5250. MCX

Observations

Crudeoil trading range for the day is 5153-5569.

Crude oil rose after OPEC+ kept July output hike unchanged at 411,000 barrels/day.

OPEC+ aims to discipline overproducing members like Iraq and Kazakhstan with output cap.

Russia and Saudi Arabia seek to regain lost market share amid tight controls.

Goldman Sachs sees OPEC+ raising oil output by 0.41 mb/d in August

Naturalgas

SELL NATURALGAS JUN @ 317 SL 323 TGT 310-305. MCX

Observations

Naturalgas trading range for the day is 293.4-329.4.

Natural gas surged supported by rising demand, lower output, and a broader energy market rally.

Warmer-than-normal weather forecasts boosted expectations for higher air conditioning-driven gas demand.

US gas production fell to 105.0 bcfd in May from April’s record of 105.8 bcfd.

LNG feedgas deliveries declined to 15.1 bcfd due to plant maintenance and short outages.