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Crudeoil

Observations

Crudeoil trading range for the day is 6637-6787.

Crude oil prices dropped largely due to profit taking after recent strong gains Non – OPEC+ to lead 2024 oil production growth, offsetting output cuts – EIA U.S.

crude oil production will rise by 260,000 bpd to 13.19 million bpd this year, the EIA said US strategic petroleum reserve replenishment could be tempered by oil price

SELL CRUDEOIL MAR @ 6760 SL 6860 TGT 6660-6550. MCX

Naturalgas

Observations

Naturalgas trading range for the day is 130.9-151.5.

Natural gas demand drops due to mild weather forecasts.

EIA reported a larger-than-expected 9bcf of gas out of storage in the week ending March 8.

Meteorologists predict warmer than normal weather across the Lower 48 states through March 18 U.S.

natgas production is expected to decline this year while demand rises to a record high.

BUY NATURALGAS MAR @ 136 SL 132 TGT 141-144. MCX