Energy:
U.S. crude futures for May delivery settled down USD 2.74 at USD 94.45 a barrel, down by 2.82 percent.
Crude prices fell significantly as inventories rose to a 22 year high and came at 2.7 million barrels.
Weak job data for ADP non-farm employment change and poor and slowdown in non manufacturing prices put additional pressure on prices.
We expect crude prices to go down as investors would await the job data from US on Friday and unemployment claims today to gauge the health of US labor market and get direction on demand for crude.
U.S. natural gas futures ended lower as milder weather forecasts for next week raised expectations that heating demand was finally poised to slow.
We expect prices to go down further as the receding winter season is likely to hurt the demand and pressure prices.
Front-month gas futures on the New York Mercantile Exchange ended down 6.9 cents, or 1.7 percent, at USD 3.90 per mmBtu after trading between USD 3.897 and USD 3.985
MCX Natural Gas April : Sell around 217 levels with a stop loss placed above 220 levels for targets of 211 levels.
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