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Published on 9/04/2020 4:24:58 PM | Source: Kedia Advisory

Sell Nat Gas Apr 2020 @ 127.50 SL 131.00 TGT 122.50-119.00.MCX - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Crude oil

* Crude oil trading range for the day is 1764-2108

* Crude oil slumped in the face of swelling crude supplies and weak fuel demand due to the coronavirus pandemic.

* Meeting between members of the OPEC and its allies, including Russia, is widely expected to be more successful than their gathering in early March.

* U.S. crude production, meanwhile, is expected to slump by 470,000 bpd and demand is set to drop by about 1.3 million bpd in 2020, the U.S. EIA said.

* U.S. crude inventories jumped by 11.9 million barrels to 473.8 million barrels in the week to April 3, according to API.

* BUY CRUDEOIL APR 2020 @ 1860 SL 1780 TGT 1940-2010.MCX

 

Natural gas

* Natural gas trading range for the day is 136.9-148.3.

* Natural gas jumped on a confirmation of forecasts for cooler weather and higher heating demand next week.

* The increase came despite lower liquefied natural gas (LNG) exports and higher gas production.

* Prices for the balance of 2020 and calendar 2021 are trading much higher than the frontmonth on expectations demand will jump in coming months

* With cooler weather coming, projected gas demand in the U.S. Lower 48 states, including exports, will rise from an average of 93.3 bcfd this week.

* SELL NAT GAS APR 2020 @ 127.50 SL 131.00 TGT 122.50-119.00.MCX

 

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