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CRUDE OIL

Observations

Crudeoil trading range for the day is 5626-5854.

Crude oil dropped amid weak demand from China and rising production in the U.S.

Saudi energy minister says OPEC+ output decision based on fundamentals

OPEC+ pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.

Bank of America forecasts increasing oil surpluses to drive Brent to average $65 a barrel in 2025

BUY CRUDEOIL DEC @ 5680 SL 5600 TGT 5780-5850. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 251.9-268.3.

Natural gas gained on forecasts for cooler weather and on rising amounts of gas flowing to LNG export plants.

EIA said utilities pulled 30 billion cubic feet of gas out of storage

U.S. March-April widow maker spread in contango

U.S. producers to boost output in 2025 with rising LNG export demand

BUY NATURALGAS DEC @ 260 SL 255 TGT 268-274. MCX