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Crude Oil

Observation

Crudeoil trading range for the day is 6420-6616.

Crude oil steadied driven by speculation that OPEC+ will continue supply cuts.

Crude oil stockpiles rose while gasoline and distillate inventories fell last week.

Gasoline stocks fell for a fourth consecutive week, decreasing by 2.8 million barrels to 244.2 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.5 million barrels last week to 31 million barrels.

SELL CRUDEOIL MAR @ 6550 SL 6650 TGT 6450-6350. MCX

Natural Gas

Observation

Naturalgas trading range for the day is 149.7-163.5.

Natural gas prices fell due to an oversupply caused by a mild winter and record output levels.

The ongoing shutdown of a liquefaction unit at Freeport LNG's export plant in Texas means more gas will stay in the country.

Producers like Chesapeake Energy have cut production by 30% to address the surplus.

US utilities pulled 96 billion cubic feet of natural gas from storage

SELL NATURALGAS MAR @ 160 SL 165 TGT 154-150. MCX