Sell Naturalgas MAY @ 215 SL 220 TGT 210-206. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6297-6567.
Crude oil gains as market participants await potential output cut extensions.
Gasoline demand in the U.S. reached its highest level since November
The stronger US PMI data dampened expectations for Federal Reserve interest rate cuts.
U.S. weekly imports of crude oil from Mexico fell to 184,000 bpd last week, its lowest on record.
BUY CRUDEOIL JUN @ 6440 SL 6360 TGT 6530-6600. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 202.1-230.7.
Natural gas fell on forecasts for lower demand in two weeks, an ongoing oversupply of gas in storage
Gas output in the Lower 48 U.S. states fell to an average of 97.5 billion cubic feet per day (bcfd) so far in May.
U.S. gas production was still down around 8% so far in 2024 after several energy firms delayed well completions
Meteorologists projected weather across the Lower 48 states would be warmer than normal from May 24-28.
SELL NATURALGAS MAY @ 215 SL 220 TGT 210-206. MCX
