Buy Crude Oil MAR 2021 @ 4400 SL 4340 TGT 4450-4500.MCX- Kedia Advisory
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CRUDEOIL
* Crude oil trading range for the day is 4357-4709.
* Crude oil rose as output was only slowly returning to normal in US following a violent winter blast in Texas and Plains states
* U.S. crude oil stockpiles rose in the most recent week, data from industry group the American Petroleum Institute showed
* Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.8 million barrels, API said.
* Goldman raises Brent price outlook from $61 per barrel to $69 per barrel in 2021, $65 per barrel to $70 per barrel in 2022
BUY CRUDEOIL MAR 2021 @ 4400 SL 4340 TGT 4450-4500.MCX
NATURAL GAS
* Natural gas trading range for the day is 201.5-209.9.
* Natural gas slipped as the weather turns milder, heating demand declines and output rises after last week's freeze.
* Stockpiles have remained above the five-year (2016-2020) average since the start of 2020 and were still 2.6% above that average during the week ended
* Refinitiv projected average gas demand, including exports, would fall from 116.4 bcfd this week to 106.2 bcfd next week as the weather turns milder.
* Those forecasts were lower than Refinitiv projected on Tuesday despite expectations for rising exports.
SELL NAT GAS MAR 2021 @ 212.00 SL 218.00 TGT 206.00-202.00.MCX
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