Buy Crudeoil Mar @ 5720 SL 5640 TGT 5800-5860. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAR @ 5720 SL 5640 TGT 5800-5860. MCX
Observations
Crudeoil trading range for the day is 5535-6057.
Crude oil fell as concerns grew over rising supply and trade policy uncertainty.
OPEC+ announced it will increase oil output by 138,000 barrels per day starting in April, the first production hike since 2022.
US Commerce Secretary Howard Lutnick said the Trump administration may ease tariffs on Mexico and Canada, with a decision expected soon.
US crude oil inventories dropped by 1.455 million barrels - API
Natural Gas
SELL NATURALGAS MAR @ 395 SL 405 TGT 382-370. MCX
Observations
Naturalgas trading range for the day is 357.8-407.8.
Natural gas dropped amid near-record output and forecasts for less demand next week.
However, downside seen limited on record flows to LNG export plants.
Average gas output in the Lower 48 U.S. states rose to 105.5 bcfd so far in March
U.S. natural gas storage is on track to end the November-March winter withdrawal season at a three-year low.
