Buy Crudeoil FEB 2022 @ 6180 SL 6100 TGT 6280-6350.MCX - Kedia Advisory
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CRUDEOIL
Crude oil rose amid mounting concerns over supply constraints as the OPEC+ are gradually relaxing output cuts implemented when demand collapsed in 2020.
News that Russia was preparing to attack Ukraine if diplomacy failed also supported bullish sentiment
OPEC Monthly Report: OPEC maintains its full-year forecast for global oil demand growth in 2022.
OPEC Monthly Report: The oil market is expected to remain well-supported through 2022.
BUY CRUDEOIL FEB 2022 @ 6180 SL 6100 TGT 6280-6350.MCX
NATURAL GAS
Natural gas trading range for the day is 311.4-330.
Natural gas edged up on forecasts for colder weather and higher heating demand over the next two weeks than previously forecast.
In a reminder of last winter's February freeze, traders noted daily gas demand was expected to reach record highs
Speculators last week covered their shorts and boosted their net long futures and options positions by the most in a week since June.
Data provider Refinitiv said output in the U.S. Lower 48 states averaged 94.6 bcfd so far in January, down from a record 97.6 bcfd in December
BUY NAT GAS JAN 2022 @ 308.00 SL 300.00 TGT 318.00-325.00.MCX
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