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Crude Oil

Observations

Crudeoil trading range for the day is 6170-6470

Crude oil dropped on concerns that aggressive rate hikes may dent demand for fuel in the U.S.

The downside remained capped after industry data showed an unexpected draw in U.S. crude oil inventories.

Barclays cuts 2023 oil price forecasts on resilient Russian output

OPEC Secretary-General Haitham Al-Ghais said that slowing oil consumption in Europe and the US could threaten the market.

Natural Gas

Observations

Naturalgas trading range for the day is 201.1-226.9

Natural gas dropped as US natgas flows drop to Freeport LNG export plant in Texas

Pressure also seen as forecasts indicated the weather in the near term would be warmer than previously expected.

The market has been extremely volatile in recent weeks as traders bet on the latest weather forecasts.

Average gas output in the U.S. Lower 48 states has risen to 98.4 bcfd so far in March, up from 98.2 bcfd in February.

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