Naturalgas trading range for the day is 191.2-218.2 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6230-6600
Crude oil prices dipped after the country's oil inventories hit their highest in months and on signs that the Federal Reserve could keep raising interest rates.
U.S. crude stocks rise as production climbs to highest since April 2020
Crude inventories rose by 2.4 million barrels in the week ended Feb. 3 to 455.1 million barrels
Canadian crude imports also continued to climb as the Keystone oil pipeline returned to service after being shut temporarily due to a leak in December
Naturalgas
Naturalgas trading range for the day is 191.2-218.2
Natural gas gained on rising LNG exports and forecasts for slightly colder weather over the next two weeks than previously expected.
U.S. natgas output to hit record high in 2023, demand to fall
EIA projected dry gas production will rise to 100.27 billion cubic feet per day (bcfd) in 2023 and 101.68 bcfd in 2024
EIA's latest projections for 2023 were lower than its January forecast of 100.34 bcfd for supply but higher than its January forecast of 86.74 bcfd for demand
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