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Crudeoil

Observations

Crudeoil trading range for the day is 6748-6966.

Crude oil up on reduced Saudi, Iraq exports and stronger demand signs

However, gains were capped by the prospect of rising exports from Russia

U.S. oil output from top shale-producing regions will rise in April to the highest level in four months

Oil output in the Permian basin, was due to rise by about 8,200 bpd to 6.1 million bpd

BUY CRUDEOIL APR @ 6850 SL 6750 TGT 6950-7050. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 139.4-149.8.

Natural gas climbed on forecasts for colder weather and higher heating demand.

Energy traders also noted that futures were supported by a continued drop in U.S. output

Gas output in the lower 48 U.S. states fell to an average of 100.20 bcfd so far in March

Output was on track to drop by around 6.10 bcfd over the past month to a preliminary two-month low of 98.30 bcfd.

BUY NATURALGAS MAR @ 142 SL 137 TGT 148-152. MCX