Buy Natural Gas April 2021 @ 189.00 SL 184.00 TGT 194.00-196.50.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 4084-4602.
Crude oil slipped as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States.
OPEC+ agreed to monthly production hikes from May to July
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the week to March 30
Russia will continue to gradually increase its oil production in May to July by a combined 114,000 bpd.
SELL CRUDEOIL APR 2021 @ 4420 SL 4500 TGT 4340-4300.MCX
Natural gas
Natural gas trading range for the day is 176.8-195.2.
Natural gas fell on forecasts for milder weather and lower heating demand over the next two weeks than expected before the long Good Friday weekend.
U.S. utilities added 14 billion cubic feet (bcf) of natural gas to storage last week, lower than the expected 21 bcf injection.
Refinitiv estimated 174 heating degree days (HDDs) over the next two weeks in the lower 48 U.S. states.
Output in the Lower 48 U.S. states averaged 91.1 billion cubic feet per day (bcfd) in March, up sharply from a 28-month low of 86.5 bcfd in February
BUY NAT GAS APR 2021 @ 189.00 SL 184.00 TGT 194.00-196.50.MCX
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