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CRUDE OIL

Observation

Crudeoil trading range for the day is 6418-6582.

Crude oil gains as conflict in the Middle East continued over the weekend

Oil output in North Dakota fell in Dec., despite record well count

US oil output from top shale regions to rise in March – EIA Iraq committed to OPEC, will not produce more than 4 mln bpd -minister

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

NATURAL GAS

Observations

Naturalgas trading range for the day is 126.6-133.8.

Natural gas dropped driven by near-record production, abundant fuel storage.

Technical issues at Freeport LNG's export facility have limited gas flow to LNG export terminals

Gas output in February increased to an average of 105.8 bcfd compared to 102.1 bcfd in January

Meteorologists predict that the weather will continue to be milder than normal until March 1.

BUY NATURALGAS FEB @ 127 SL 124 TGT 131-133. MCX