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Sell Crudeoil Mar @ 6500 SL 6580 TGT 6420-6350. MCX- Kedia Advisory
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Crude Oil
Observation
* Crudeoil trading range for the day is 6418-6640.
* Crude oil dropped amid increased oil production from non-OPEC+ countries
* Lingering worries over China's economic growth further compounded the challenges facing the oil market.
* China's crude oil imports in the first two months of 2024 rose 5.1% from a year earlier
* U.S. crude stocks rose while gasoline and distillate inventories fell last week
SELL CRUDEOIL MAR @ 6500 SL 6580 TGT 6420-6350. MCX
Natural Gas
Observation
|* Naturalgas trading range for the day is 148-165.4.
* Natural gas slipped as warmer-than-normal weather slowed heating demand
* The amount of gas flowing to LNG export plants remained low EIA said utilities pulled 40 bcf of gas out of storage during the week ended March 1.
* Gas output in the Lower 48 fell to an average of 100.1 bcfd so far in March.
