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CRUDE OIL

Observation

Crudeoil trading range for the day is 6290-6554.

Crude oil recovered amid supply disruptions due to Middle East tensions

IEA’s report highlighted a slowdown in global oil demand due to the increasing popularity of renewable energy sources.

Investors are eagerly anticipating OPEC+'s decision in March on whether or not to extend output cuts into the next quarter.

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

SELL CRUDEOIL MAR @ 6480 SL 6580 TGT 6380-6300. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 130.3-156.9.

Natural gas soared after Chesapeake Energy cut the amount of gas it plans to produce in 2024

Other gas producers, including Antero Resources, Comstock Resources, and EQT, also plan to reduce drilling.

Gas output in the U.S. Lower 48 states rose to 105.6 bcfd in February from 102.1 bcfd in January.

Milder weather will decrease U.S. gas demand in the Lower 48, from 130.3 bcfd this week to 117.5 bcfd next week.

BUY NATURALGAS FEB @ 144 SL 140 TGT 148-152. MCX