Crudeoil trading range for the day is 6480-6680 - Kedia Advisory
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Crudeoil
*Crudeoil trading range for the day is 6480-6680
*Crude oil dropped as more data pointed to a potential recession that could hurt energy demand.
*Prices rose about 6% in the week after OPEC+ unexpectedly reduce output by 1.16 mbpd.
*The latest EIA data showed larger-than-expected draws in US crude and fuel stockpiles.
*Saudi Arabia has raised the prices of its flagship crude for Asian buyers for the third straight month.
Naturalgas
*Naturalgas trading range for the day is 160.3-184.9
*Natural gas slipped on rising output and forecast for milder weather and less heating demand.
*EIA said utilities pulled 23 billion cubic feet (bcf) of gas from storage during the week ended March 23.
*However, forecasts for milder weather and lower heating demand over the next two weeks than previously expected limited the upside.
*Average gas output in the U.S. Lower 48 states has risen to 99.9 bcfd so far in April, up from 99.7 bcfd in March.
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