Sell Ceudeoil Mar @ 6500 SL 6600 TGT 6400-6300. MCX - Kedia Advisory
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Crude Oil
Observation
* Crudeoil trading range for the day is 6359-6557.
* Crude oil gains as OPEC stuck by its forecast for demand growth this year and next
* OPEC said world oil demand will rise by 2.25 mbpd in 2024 and by 1.85 mbpd in 2025.
* Tensions in the Middle East persist as Israeli forces continued their deadly attacks in the Gaza Strip
* China oil purchases signal softening demand
SELL CRUDEOIL MAR @ 6500 SL 6600 TGT 6400-6300. MCX
Natural Gas
Observation
* Naturalgas trading range for the day is 134.4-155.2.
* Natural gas dropped amid forecasts for milder weather and lower heating demand.
* U.S. energy company CNX Resources said it will delay well completions activities and produce less of the fuel this year.
* Several energy firms, including EQT and Chesapeake Energy, were following through on plans to cut production this year.
* Gas output in the Lower 48 U.S. states fell to an average of 100.4 bcfd so far in March
BUY NATURALGAS MAR @ 138 SL 134 TGT 144-148. MCX
