Buy Crudeoil Feb 2021 @ 3970 SL 3900 TGT 4050-4100.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 3962-4166.
Crude oil rose on expectations global oil stocks will fall back to more normal levels this year
OPEC+ expects output cuts will keep the market in deficit throughout this year, peaking at 2 million barrels per day in May
Further supporting the market, industry data after the market closed showed U.S. crude and gasoline inventories fell unexpectedly.
API reported U.S. crude oil inventories fell by 4.3 million barrels in the week to Jan. 29
BUY CRUDEOIL FEB 2021 @ 3970 SL 3900 TGT 4050-4100.MCX
NATURAL GAS
Natural gas trading range for the day is 194.5-216.5.
Natural gas eased on forecasts for less heating demand next week than previously expected.Data provider Refinitiv said output in the lower 48 U.S. states has averaged 89.8 bcfd so far in February.
With colder weather coming, Refinitiv projected average gas demand, would rise to 139.8 bcfd next week
According to the EIA, industrial natural gas consumption in September and October 2020 exceeded consumption in those months in 2019.
BUY NAT GAS FEB 2021 @ 204.00 SL 198.00 TGT 212.00-216.50.MCX
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