Buy Crudeoil Feb 2021 @ 3840 SL 3780 TGT 3900-3940.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 3861-3967.
Crude oil gains on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand
U.S. shale oil output to drop 90,000 bpd to 7.52 mln bpd in Feb – EIA
Resurgence in COVID-19 cases slows oil demand rebound-IEA
UAE energy min says sees start of oil market recovery in 2021
BUY CRUDEOIL FEB 2021 @ 3840 SL 3780 TGT 3900-3940.MCX
NATURAL GAS
Natural gas trading range for the day is 173.7-191.1.
Natural gas fell on forecasts for mostly mild weather and lower-than-normal heating demand through early February.
That decline came even though much higher gas prices around the world continued to prompt buyers to purchase near record amounts of U.S. LNG
EIA projected dry gas production will drop to 88.17 billion cubic feet per day (bcfd) in 2021 from 90.76 bcfd in 2020 before rising to 89.66 bcfd in 2022.
EIA's projections for 2021 in January were higher than its December forecasts of 87.91 bcfd for supply and 79.37 bcfd for demand.
SELL NAT GAS JAN 2021 @ 190.00 SL 195.00 TGT 185.00-182.50.MCX
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