Sell Crudeoil Apr @ 6850 SL 6950 TGT 6750-6650. MCX - Kedia Advisory
Crude Oil
Crudeoil trading range for the day is 6753-6891.
Crude oil steadied as investors assessed the impact of recent Ukrainian attacks on Russian refinery capacity.
Russia's government ordered companies to cut output in Q2 to meet a 9 mbpd target to comply with pledges to the OPEC+ group.
Russian oil refining capacity shut down by Ukrainian attacks has reached 14% of the country's total capacity
U.S. crude oil stockpiles fell unexpectedly last week as exports rose and refiners continued to increase activity
SELL CRUDEOIL APR @ 6850 SL 6950 TGT 6750-6650. MCX
Naturalgas
Naturalgas trading range for the day is 147.7-154.9.
Natural gas dropped due to sluggish demand and a surplus of domestic supply.
The Freeport LNG export plant in Texas has announced that two of its three liquefaction trains will be offline until May.
Gas output in the Lower 48 U.S. states fell to an average of 100.3 bcfd so far in March, down from 104.1 bcfd in February.
The report showed that US utilities built their inventories for the first time since November to likely end the seasonal inventory depletion.
SELL NATURALGAS APR @ 153 SL 157 TGT 148-145. MCX
