Sell Naturalgas May @ 212 SL 216 TGT 207-202. MCX - Kedia Advisory
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CRUDE OIL
Observation
Crudeoil trading range for the day is 6470-6734.
Crude oil gains amid larger than expected drop in inventories and revived hopes for lower US interest rates.
Support also seen bolstered by slower than expected inflation and a stabilising U.S. job market, providing positive signs.
Extension to OPEC cuts the most likely outcome to the June 1 meeting to review supply policy.
IEA lowered the forecast for global oil demand growth for the current year by 0.14 million barrels per day, to 1.1 million barrels.
BUY CRUDEOIL MAY @ 6550 SL 6450 TGT 6650-6750. MCX
NATURAL GAS
Observation
Naturalgas trading range for the day is 193-221.6.
Natural gas climbed on another drop in output and a rise in feedgas to LNG export plants
US utilities added 70 billion cubic feet (bcf) of gas into storage
Weather forecasts indicate a shift to warmer-than-normal temperatures from May 18-30
Gas output in the Lower 48 U.S. states fell to an average of 97.1 bcfd so far in May
SELL NATURALGAS MAY @ 212 SL 216 TGT 207-202. MCX
