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Crudeoil

SELL CRUDEOIL MAR @ 8800 SL 8900 TGT 8600-8400. MCX

Observations

Crudeoil trading range for the day is 7229-11329.

Crude oil rose as major Middle Eastern producers started to cut output following disruptions in the Strait of Hormuz.

Kuwait halts oil production due to the closure of the Strait Of Hormuz

US and two other G7 countries support coordinated emergency oil stock release

Saudi Arabia led a big increase in OPEC oil output in the month ahead of U.S. and Israeli strikes on Iran.

Natural Gas

SELL NATURALGAS MAR @ 292 SL 295 TGT 288-285. MCX

Observations

Naturalgas trading range for the day is 261.4-337.4.

Natural gas fell as the prospect of a swift de-escalation in the Middle East eased the risk premium.

Uncertainty surrounding the timeline for restoring full operations at QatarEnergy’s Ras Laffan facility, intensified worries about a supply shortfall.

The number of rigs drilling for natural gas in the United States fell by 2 this week to 132.

Average gas output in the U.S. Lower 48 states rose to 109.8 bcfd so far in March, up from 109.2 bcfd in February.