IGI Logo

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