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Crude Oil

Crudeoil trading range for the day is 6825-7131.

Crude oil prices rise amid OPEC+ cuts and Russian refineries attacks

Russia’s Novak plans to focus on reducing output rather than exports in Q2 to spread production cuts.

Drone attacks from Ukraine have knocked out Russian refineries, reducing Russia's fuel exports.

U.S. crude oil production dropped 6% in January due to freezing weather.

BUY CRUDEOIL APR @ 6950 SL 6850 TGT 7050-7150. MCX

Naturalgas

Naturalgas trading range for the day is 139.2-162.6.

Natural gas rose on a continuing decline in output and forecasts for more demand

Speculators cut their net short futures and options positions for the fifth week in a row

Energy firms like EQT and Chesapeake Energy delayed well completions and reduced drilling activities.

LSEG reported gas output in the Lower 48 states fell to 100.8 bcfd in March, down from 104.8 bcfd in February.

BUY NATURALGAS APR @ 150 SL 146 TGT 155-158. MCX