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Crude Oil

Observation

Crudeoil trading range for the day is 6242-6584.

Crude oil gains as ongoing attacks in the Red Sea, sparking supply worries.

The U.S. central bank indicated that interest rate cuts could be delayed by at least two more months.

U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week, the EIA said.

Crude inventories rose by 3.5 million barrels to 442.9 million barrels

SELL CRUDEOIL MAR @ 6520 SL 6600 TGT 6420-6320. MCX

Natural Gas

Observation

Naturalgas trading range for the day is 139.1-156.7.

Natural prices rose amid efforts by producers to curb output.

Chesapeake Energy has cut its 2024 production plans by around 30% following a sharp drop in prices to a 3-1/2 year low.

Traders are grappling with a surplus of supply, high storage levels, and weak heating demand.

US utilities pulled 60 billion cubic feet of natural gas from storage

SELL NATURALGAS MAR @ 148 SL 153 TGT 143-140. MCX