Crudeoil trading range for the day is 3838-4054.
Crude oil prices settled lower as investors feared a ramp up in U.S. shale output would undermine OPEC’s efforts to cut global supplies.
U.S. crude production, pushed up largely by shale oil drilling, is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia.
U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said.
U.S. crude inventories are not rising as much as expected during the spring season that is starting, implying healthy demand.
SELL CRUDEOIL MAR 2018 @ 3940 SL 3980 TGT 3890-3860.MCX
Naturalgas trading range for the day is 178.4-184.2.
Natural gas pared gains on profit booking after prices rose on expectations of colder-thannormal weather over the next two weeks.
Inventories of natural gas remain below the 5-year average but above the 5-year average range.
Meanwhile, market participants looked ahead to storage data due on Thursday, which is expected to show a draw in a range between 92 and 104bcf in the week
Total natural gas in storage currently stands at 1.625tcf, according to the U.S. Energy Information Administration.
SELL NAT GAS MAR 2018 @ 183.00 SL 186.00 TGT 179.80-177.00.MCX
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