Crude Oil trading range for the day is 6090-6430 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6090-6430
Crude oil prices climbed higher as the dollar turned weak after data showed an uptick in U.S. unemployment rate in the month of February.
Investors are closely monitoring export cuts from Russia, which decided to trim oil output by 500,000 barrels per day in March.
OPEC Secretary-General Haitham Al-Ghais echoed such concerns, saying weakening oil consumption in the US and Europe could threaten the market.
U.S. crude output, demand to rise in 2023, EIA says
Natural Gas
Observation
Naturalgas trading range for the day is 195.1-214.9
Natural gas slid on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected.
U.S. natural gas production will rise to a record high in 2023, while demand will fall
EIA projected dry gas production will rise to 100.67 bcfd in 2023 and 101.69 bcfd in 2024 from a record 98.09 bcfd in 2022.
Average gas output in the U.S. Lower 48 states rose to 98.7 bcfd so far in March from 98.2 bcfd in February.
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