Crude Oil trading range for the day is 6100-6490 - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6100-6490 Crude oil gains on expectations of steep cuts to Russian production next month U.S. crude oil inventories rose for the ninth week in a row, surging to the most since May 2021 Crude inventories rose by 7.6 million barrels to about 479 million barrels in the week to Feb. 17, compared with expectations for a 2.1 million-barrel rise. Crude stocks at the Cushing, delivery hub for futures rose by 700,000 barrels last week to 40.41 million barrels, their highest level since June 2021.
Natural Gas
Observations
Naturalgas trading range for the day is 197-220.2 Natural gas rose on expectations that demand for heating will increase due to colder temperatures. US natural gas stocks fall more than expected: EIA Natural gas traders doubt that the Freeport LNG export plant in Texas would operate at full power until mid-March or later Average gas output in the U.S. Lower 48 states had fallen from 98.3 bcfd in January to 97.4 bcfd so far in February
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