Buy Crudeoil Feb 2021 @ 4200 SL 4140 TGT 4270-4320.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4210-4288.
Crude oil prices fell on expectations of slower economic recovery and speculation that the market’s strength could tempt producers like Saudi Arabia to reduce output by less.
EIA lifted its 2021 and 2022 forecasts for West Texas Intermediate and Brent crude oil prices, citing tightened first-quarter supply outlooks.
U.S. crude oil stocks plunged unexpectedly last week, tumbling by more than 6 million barrels, as refiners ramped up production rates to pre-pandemic levels in March
U.S. gasoline stocks rose by 4.3 million barrels in the week to 256.4 million barrels, compared with expectations for a 1.8 million-barrel rise
BUY CRUDEOIL FEB 2021 @ 4200 SL 4140 TGT 4270-4320.MCX
NATURAL GAS
Natural gas trading range for the day is 198.3-226.9.
gas trading range for the day is 198.3-226.9. Natural gas erased earlier gains on a smaller-than-expected storage draw last week and forecasts for less cold weather and heating demand next week.
The price decline came even though the arctic freeze blanketing much of the country cut output by freezing wells
The U.S. EIA forecast U.S. utilities pulled 171 bcf of gas from storage during the week ended Feb. 5.
U.S. natural gas storage is expected to end the November-March withdrawal season at 1.650 tcf the lowest since 2019.
BUY NAT GAS FEB 2021 @ 208.00 SL 202.00 TGT 215.00-220.00.MCX
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