Natural gas trading range for the day is 202.9-225.9 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5860-6190 Crude oil prices fell as the collapse of Silicon Valley Bank, a U.S. bank, sparked fears of a fresh financial crisis that could reduce future oil demand.
OPEC raises Chinese oil demand growth forecast further
World oil demand in 2023 will rise by 2.32 million barrels per day (bpd), or 2.3% -
OPEC OPEC's crude oil production rose in February despite the wider OPEC+ alliance last year pledging output cuts to support the market.
Natural gas
Observations
Natural gas trading range for the day is 202.9-225.9
Natural gas gains on forecasts for more cold weather and higher heating demand this week than previously expected.
Support also seen on preliminary drop in daily output and near record amounts of gas flowing to liquefied natural gas (LNG) export plants.
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.
Milder winter weather so far this year has prompted utilities to leave more gas in storage than usual.
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