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CRUDE OIL

Observation

Crudeoil trading range for the day is 6298-6590.

Crude oil prices dropped as concerns about demand continued to linger.

Demand concerns spotlighted in the recent report by the IEA weighed on sentiment.

However, the demand concerns also offset the supply concerns triggered by the conflict in the Middle East

API showed crude oil inventories jumping by 8.52 million barrels in the week ended February 9

SELL CRUDEOIL MAR @ 6460 SL 6540 TGT 6360-6280. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 126.9-136.9.

Natural gas gained on short covering as some producers planned to reduce drilling in 2024

Prices remain near the lowest in almost four years as a mostly mild weather has limited demand and kept inventories high.

EIA said inventories of the fuel stood at 2.54-trillion cubic feet, 15.9% above the five-year average.

Output in the U.S. Lower 48 states rose to an average of 105.8 billion cubic feet per day (bcfd) so far in February

BUY NATURALGAS FEB @ 130 SL 127 TGT 134-137. MCX