Sell Naturalgas Mar @ 348 SL 354 TGT 340-335. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL APR @ 5920 SL 6000 TGT 5840-57600. MCX
Observations
Crudeoil trading range for the day is 5813-5973.
Crudeoil gains driven by new U.S. sanctions on Iran and a fresh OPEC+ plan to cut output among seven members
However upside seen limited as Kazakhstan's oil output has reached a record high in March.
A new OPEC+ plan announced for seven members to cut output raised bets on tighter supplies in the coming months.
U.S. commercial crude oil imports fell last week by 85,000 bpd to 5.4 mbpd, the lowest since March 2023.
Natural Gas
SELL NATURALGAS MAR @ 348 SL 354 TGT 340-335. MCX
Observations
Naturalgas trading range for the day is 327.9-356.3.
Natural gas dropped on record output and forecasts for milder weather.
US gas output on track to hit monthly record in March
US LNG export feedgas set to hit monthly record in March
US gas inventories on track for unusual build in March
