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Crude Oil

Observations:

Crudeoil trading range for the day is 6328-6598.

Crude gains as uncertainty over fighting in the Middle East kept markets on edge

OPEC sticks to 2024 oil demand growth forecast of 2.25 mbpd

OPEC January output falls 350,000 bpd after new OPEC+ cuts

OPEC now sees world economic growth of 2.7% this year and 2.9% in 2025

BUY CRUDEOIL FEB @ 6450 SL 6350 TGT 6550-6650. MCX

Naturalgas

Observations:

Naturalgas trading range for the day is 131.6-154.4.

Natural gas fell on near-record output, ample fuel in storage

Lower heating demand forecast for next week is contributing to the decline in prices.

Global gas prices are also slipping, adding to the downward pressure on natural gas prices.

Gas output in the U.S. Lower 48 states has increased in February but is still below the monthly record high in December.

BUY NATURALGAS FEB @ 137 SL 134 TGT 141-144. MCX