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Crude Oil

Observations:

Crudeoil trading range for the day is 6040-6452.

Crude oil gains due to renewed tensions in the Middle East and concerns about supply.

Israeli Prime Minister Benjamin Netanyahu rejects a ceasefire offer from Hamas.

US gasoline inventories decrease by 3.15 million barrels, exceeding expectations.

US crude oil production is projected to reach 13.21 mbpd in 2024, lower than previous expectations.

BUY CRUDEOIL FEB @ 6250 SL 6150 TGT 6350-6440. MCX

Naturalgas

Observations:

Naturalgas trading range for the day is 156.6-169.

Natural gas dropped as near-record output and mostly mild weather depress demand.

Gas wells are returning to service after freezing during extreme cold in mid-January.

LNG feedgas remains low due to an ongoing unit outage at Freeport LNG's export plant in Texas.

EIA predicts that natural gas production and demand will reach record highs in 2024

BUY NATURALGAS FEB @ 158 SL 155 TGT 162-165. MCX