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CRUDE OIL

Observation

Crudeoil trading range for the day is 6459-6707.

Crude oil gains with oil traders eagerly anticipating market insights from OPEC on demand forecasts.

Crude oil imports in China increased in April, signaling improving demand.

Oil output cuts are subject to agreement within OPEC, says Iraqi minister

World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster.

BUY CRUDEOIL MAY @ 6550 SL 6480 TGT 6640-6740. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 182.3-204.3.

Natural gas gains amid forecasts for more demand next week than previously.

Speculators switched their futures and options positions from net short to net long for the first time since mid-January.

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 near normal through May 28

SELL NATURALGAS MAY @ 192 SL 196 TGT 187-182. MCX