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Crudeoil

BUY CRUDEOIL APR @ 5950 SL 5850 TGT 6050-6150. MCX

Observations

Crudeoil trading range for the day is 5904-6078.

Crude oil gains as US tariff threat on Venezuelan crude sparked increased global supply concerns.

Crude oil inventories in the US fell by 3.341 million barrels - EIA

U.S. crude inventories fell by 4.6 million barrels last week - API

Capping oil prices, the U.S. reached deals with Ukraine and Russia to pause attacks at sea and against energy targets.

Natural Gas 

BUY NATURALGAS APR @ 330 SL 325 TGT 335-340. MCX

Observations

Naturalgas trading range for the day is 324.3-345.3.

Natural gas climbed as Freeport LNG’s Texas export plant resumed operations.

Meteorologists predict above-normal temperatures across the Lower 48 states through April 9, likely reducing demand.

Average gas output in the Lower 48 has climbed to 106.0 bcfd so far in March, surpassing February’s record 105.1 bcfd.

Average gas demand in the Lower 48, will slide from 108.3 bcfd this week to 104.1 bcfd next week.