Crude Oil trading range for the day is 5790-6520 - Kedia Advisory
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Crude Oil
Crudeoil trading range for the day is 5790-6520
Crude oil prices fall as investors assess SVB falloutAt the same time, persistent worries about a global recessioncontinued to cloud the demand outlook, particularly in the USand Europe.
China's oil imports to hit a record high in 2023 amid growingdemand for transportation fuel and as new refineries comeonline.
U.S. crude oil stockpiles fell last week, breaking a 10-week streakof builds, while distillate inventories rose to the highest level inover a year
Natural Gas
Naturalgas trading range for the day is 189.8-227
Natural gas jumped on forecasts that demand will rise next week with the amount of gas flowing to U.S. LNG export plants.
Freeport LNG's export plant in Texas was on track to pull in 1.0 billion cubic feet per day (bcfd) of gas on Monday, up from 0.7 bcfd on Sunday.
Average gas output in the U.S. Lower 48 states rose to 98.8 bcfd so far in March from 98.2 bcfd in February.
In addition, extreme cold in early February and late December cut gas output by freezing oil and gas wells in several producing basins.
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