Buy Crudeoil Feb 2021 @ 4200 SL 4140 TGT 4270-4320.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4140-4336.
Crude oil prices rallied to 13 month high amid supply cuts by major producers and optimism over fuel demand recovery.
Organization of the Petroleum Exporting Countries and their allies, are tightening supplies and balancing global markets.
Investors are also pinning hopes on oil demand recovery when COVID-19 vaccines take effect.
Speculators raise U.S. crude oil net longs-CFTC
BUY CRUDEOIL FEB 2021 @ 4200 SL 4140 TGT 4270-4320.MCX
NATURAL GAS
Natural gas trading range for the day is 197.4-217.6.
Natural gas slipped on forecasts for less frigid weather and lower heating demand next week than previously expected.
Gas prices across North America soared as homes and businesses cranked up their heaters
Speculators last week to boost their net long positions to their highest since October 2020 as they cut short positions to the lowest since April 2019.
With much colder weather coming, average gas demand, would jump from 132.6 bcfd this week to 152.6 bcfd next week
BUY NAT GAS FEB 2021 @ 208.00 SL 202.00 TGT 215.00-220.00.MCX
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