CRUDEOIL

Crude oil trading range for the day is 3843-3933.

Crude oil prices fell after data showed U.S. crude stocks unexpectedly rose last week, reigniting worries about pandemic restrictions cutting into fuel demand.

U.S. shale oil output to drop 90,000 bpd to 7.52 mln bpd in Feb -EIA

OPEC 'cautiously optimistic' oil market will recover in 2021

Saudi Arabia pips Russia to be China's biggest oil supplier in 2020

BUY CRUDEOIL FEB 2021 @ 3870 SL 3800 TGT 3940-3980.MCX

NATURAL GAS

Natural gas trading range for the day is 175.6-188.8.

Natural gas fell on forecasts for mostly mild weather and lower-than-normal heating demand through early February.

That decline came even though much higher gas prices around the world continued to prompt buyers to purchase near record amounts of U.S. LNG

EIA projected dry gas production will drop to 88.17 billion cubic feet per day (bcfd) in 2021 from 90.76 bcfd in 2020 before rising to 89.66 bcfd in 2022.

EIA's projections for 2021 in January were higher than its December forecasts of 87.91 bcfd for supply and 79.37 bcfd for demand.

BUY NAT GAS JAN 2021 @ 181.00 SL 175.00 TGT 188.00-192.50.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer