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Crude Oil

Observations:

Crudeoil trading range for the day is 6246-6472.

Crude oil prices rise due to tensions in the Middle East

Israeli forces continue air strikes on Gaza, contributing to oil price increase

Russia exports more crude in Feb after refinery attacks

US crude oil production expected to reach 13.21 million bpd in 2024, lower than previous forecast

BUY CRUDEOIL FEB @ 6300 SL 6220 TGT 6380-6460. MCX

Naturalgas

Observations:

Naturalgas trading range for the day is 148-162.8.

Natural gas dropped as production surged and mild winter weather depressed demand

EIA said utilities pulled just 75 bcf of gas out of storage during the week ended Feb. 2.

Gas output in the U.S. Lower 48 states rose to an average of 105.6 bcfd so far in February from 102.1 bcfd in January.

Meteorologists projected temperatures in the Lower 48 states would remain warmer than normal through Feb. 15

BUY NATURALGAS FEB @ 148 SL 144 TGT 153-156. MCX