Sell Naturalgas Mar @ 360 SL 368 TGT 352-344. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL APR @ 5750 SL 5560 TGT 5850-5920. MCX
Observations
Crudeoil trading range for the day is 5688-6008.
Crudeoil dropped amid prospects that progress on Russia-Ukraine peace talks could lead to increased supply.
However, downside seen limited amid escalating tensions in the Middle East as well as China's plan to boost consumption.
Crude stocks in the U.S. Strategic Petroleum Reserve rose to 395.6 million barrels last week, the highest level since November 2022
Crude stocks in the government's emergency reserve rose by 275,000 barrels in the week ended March 7, according to the EIA data.
Natural Gas
SELL NATURALGAS MAR @ 360 SL 368 TGT 352-344. MCX
Observations
Naturalgas trading range for the day is 339.1-365.5.
Natural gas edged up on record gas flows to LNG export plants, a drop in daily output.
Gas stockpiles were currently around 12% below normal levels for this time of year.
Average gas output in the Lower 48 U.S. states had risen to 105.8 billion cubic feet per day (bcfd) so far in March
Meteorologists projected weather in the Lower 48 states would remain mostly near normal through April 2.
