Buy Crude oil FEB 2023 @ 6200 SL 6100 TGT 6350-6450.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6078-6644.
Crude oil dropped as data showing a greater-than-expected inventory build added to concerns about weakening demand in the US.
OPEC+ seen sticking with oil output policy, delegates say
OPEC oil output falls as Nigerian rebound falters
The European Union ban on Russian refined products will come into force next week which coupled with an eventual rise in demand from China
BUY CRUDEOIL FEB 2023 @ 6200 SL 6100 TGT 6350-6450.MCX
Natural gas
Natural gas trading range for the day is 195.7-239.9.
Natural gas dropped as forecasts for warmer weather and less heating demand next week spooked investors.
At the same time, the Freeport LNG export facility in Texas was allowed to restart production.
Putting a floor under prices was a decline in production amid extreme cold in some states
Output was on track to drop about 3.4 billion bcfd over the past week to a preliminary onemonth low of 95.8 bcfd.
BUY NAT GAS FEB 2023 @ 205.00 SL 195.00 TGT 220.00-225.00.MCX
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