Buy Crudeoil Feb 2021 @ 3870 SL 3800 TGT 3940-3980.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 3727-3919.
Crude oil fell after data showed a notable rise in U.S. crude inventories and rising lockdown measures raised concerns about the outlook for energy demand.
U.S. shale oil output to drop 90,000 bpd to 7.52 mln bpd in Feb
U.S. crude oil stocks surprisingly rose and fuel inventories were also higher in the most recent week
Saudi crude exports scale seven-month peak in November 2020
BUY CRUDEOIL FEB 2021 @ 3870 SL 3800 TGT 3940-3980.MCX
NATURAL GAS
Natural gas trading range for the day is 173.7-185.1.
Natural gas settled flat 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.
BUY NAT GAS JAN 2021 @ 181.00 SL 175.00 TGT 188.00-192.50.MCX
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