BUY Crudeoil trading range for the day is 6585-7323 - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAR @ 6900 SL 6800 TGT 7000-7100. MCX
Observations
Crudeoil trading range for the day is 6585-7323.
Crude oil prices fell after a report that Iranian operatives sought talks with the U.S. to end the war on Iran.
Goldman Sachs raises Q2 oil price forecast by $10 to $76/bbl
Iraq has decreased oil production from the Rumaila oil field by 700,000 bpd on Tuesday
Iraq also shut down production of 460,000 bpd from West Qurna 2
Natural Gas
BUY NATURALGAS MAR @ 268 SL 262 TGT 276-280. MCX
Observations
Naturalgas trading range for the day is 258-292.8.
Natural gas dropped as global energy prices eased following reports that Iran may be open to talks to end the Middle East conflict.
The world’s largest LNG plant in Qatar remains offline, and the Strait of Hormuz is largely closed, sustaining supply concerns.
Average gas output in the Lower 48 states eased to 109.1 bcfd so far in March, down from 109.2 bcfd in February.
Average gas demand in the Lower 48 states, including exports, would drop from 121.4 bcfd this week to 110.9 bcfd next week.
