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CRUDE OIL

Observation

Crudeoil trading range for the day is 6544-6706.

Crude oil dropped amid some uncertainty about the outlook for oil demand.

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

EIA cuts world oil demand forecast for 2024, hikes output expectations

The outlook for OPEC+ production policy remains highly uncertain ahead of the group’s policy meeting on June 1.

SELL CRUDEOIL MAY @ 6600 SL 6680 TGT 6520-6440. MCX

NATURAL GAS

Observation

Naturalgas trading range for the day is 175.3-201.1.

Natural gas slid on forecasts for milder weather over the next two weeks.

Output has declined by approximately 2.3 billion cubic feet per day over the past six days.

Gas flows to LNG export plant in Freeport is anticipated to reach a 16-week peak of 1.7 bcfd

U.S. natural gas demand will remain at record levels this summer driven by power market consumption and exports.

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