Buy CrudeOil MAR 2021 @ 4560 SL 4480 TGT 4660-4700.MCX - Kedia Advisory
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CRUDEOIL
* Crude oil trading range for the day is 4525-4703.
* Crude oil prices climbed after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.
* OPEC+ to weigh modest oil output boost at meeting
* U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equalling the largest weekly fall ever Overall output fell by 1.1 million bpd to 9.7 million bpd in the week to Feb. 19, the EIA said
BUY CRUDEOIL MAR 2021 @ 4560 SL 4480 TGT 4660-4700.MCX
NATURAL GAS
* Natural gas trading range for the day is 198-210.6.
* Natural gas prices dropped as rising output and a small decline in liquefied natural gas (LNG) exports put pressure on prices
* The U.S. EIA said U.S. utilities pulled 338 billion cubic feet (bcf) of gas from storage, the second biggest draw on record.
* Refinitiv projected average gas demand, including exports, would fall from 116.4 bcfd this week to 106.2 bcfd next week as the weather turns milder.
* Those forecasts were lower than Refinitiv projected on Tuesday despite expectations for rising exports
SELL NAT GAS MAR 2021 @ 205.00 SL 210.00 TGT 199.00-196.00.MCX
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