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Crude Oil

Observations:

Crudeoil trading range for the day is 6053-6199.

Crude oil rose as U.S. production this year is expected to grow less than expected U.S.

EIA cut its forecast for domestic oil growth in 2024 by 120,000 bpd to 170,000 bpd U.S.

crude stocks rose while gasoline and distillate inventories fell Crude inventories rose by 5.5 million barrels to 427.4 million barrels in the week ended Feb. 2

BUY CRUDEOIL FEB @ 6080 SL 6000 TGT 6180-6280. MCX

Naturalgas

Observations:

Naturalgas trading range for the day is 160.4-173.4.

Natural gas dropped due to increased output and lower demand forecasts. Gas wells are returning to service after freezing during extreme cold in mid-January.

LNG feedgas remains low due to an ongoing unit outage at Freeport LNG's export plant in Texas.

EIA predicts that natural gas production and demand will reach record highs in 2024.

BUY NATURALGAS FEB @ 163 SL 160 TGT 167-170. MCX