Sell Crudeoil Mar @ 6620 SL 6720 TGT 6520-6440. MCX - Kedia Advisory
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Crude Oil
Observation
* Crudeoil trading range for the day is 6398-6772.
* Crude oil gains on supply tightness amid output cuts from major producers
* Saudi Arabia unexpectedly hiked prices of its main grade for buyers in Asia.
* Fed's Powell says he expects rate cuts later this year
* OPEC+ extended output cuts of 2.2 million barrels per day until the end of the second quarter.
SELL CRUDEOIL MAR @ 6620 SL 6720 TGT 6520-6440. MCX
Natural Gas
Observation
* Naturalgas trading range for the day is 154.2-168.4.
* Natural gas rose as output continued to decline as several producers cut back on new drilling
* EQT, the biggest U.S. gas producer, plans to cut nearly 1 billion cubic feet of production through March.
* Gas output in the U.S. Lower 48 states fell to 100.3 billion cubic feet per day in March.
* Weather forecasts predict mostly warmer weather in Lower 48 states through March 17
SELL NATURALGAS MAR @ 163 SL 168 TGT 157-152. MCX
