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CRUDEOIL

Observations

Crudeoil trading range for the day is 6783-7191.

Crude oil dropped as demand worries outweigh Mid East supply risks

Crude oil inventories in the US rose by 2.735 million barrels – EIA

Crude oil stocks in the US increased by 4.090 million barrels - API

IEA trims oil demand forecast on weakness in wealthier countries

SELL CRUDEOIL APR @ 7000 SL 7100 TGT 6900-6800. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 137.7-146.5.

Natural gas gains on low level recovery after prices dropped on worries about a huge storage surplus.

Pressure also seen amid forecasts for lower demand over the next two weeks than previously expected.

U.S. drillers cut the number of gas rigs operating by one to 109, their lowest since January 2022

Gas output in the Lower 48 U.S. states fell to an average of 98.8 bcfd so far in April

BUY NATURALGAS APR @ 140 SL 136 TGT 145-148. MCX