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Crudeoil

Crudeoil trading range for the day is 7013-7217.

Crude oil dropped after the U.S. crude stocks increased by 3.2 million barrels.

OPEC+ ministers opted to keep output policy unchanged.

U.S. oil production dropped sharply at the start of the year

Investors also grappled with supply risks stemming from Ukrainian attacks on Russian refineries.

SELL CRUDEOIL APR @ 7160 SL 7250 TGT 7050-6950. MCX

Naturalgas

Naturalgas trading range for the day is 142-159.4.

Natural gas slid on forecasts for milder weather over the next two weeks than previously expected

Pressure also seen amid smaller output decline so far this month and ample amounts of gas in storage.

US utilities pulled 37 billion cubic feet (bcf) of gas from storage during the week ended March 29, 2024.

Gas output in the Lower 48 U.S. states fell to an average of 98.9 billion cubic feet per day (bcfd) so far in April

BUY NATURALGAS APR @ 146 SL 142 TGT 152-155. MCX