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CRUDEOIL

Crude oil trading range for the day is 7167-7535.

Crude oil seen supported after update that Russia's Novak says global oil demand is rising.

However, prices ended with losses on weekly basis amid plans for a massive reserve release and demand concerns in top importer China.

IEA member states agreed this week to tap 60 million barrels of oil from strategic reserves

Russia's production of oil and gas condensate fell to 10.52 million bpd on April 1-6 from a March average of 11.01 million bpd.

SELL CRUDEOIL APR 2022 @ 7600 SL 7900 TGT 7250-7000.MCX

NATURAL GAS

Natural gas trading range for the day is 463.1-503.9.

Natural gas rose as much higher global prices since Russia's invasion of Ukraine keep demand for U.S. liquefied natural gas (LNG) exports near record highs.

Prices also climbed on growing worries that cooler weather expected in coming weeks will keep heating demand high

U.S. gas stockpiles were already about 17% below the five-year (2017-2021) average for this time of year.

Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 94.5 billion cubic feet per day (bcfd) so far in April from 93.7 bcfd in March.

BUY NAT GAS APR 2022 @ 460.00 SL 445.00 TGT 475.00-485.00.MCX

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