Buy Crudeoil Feb 2021 @ 66500 SL 65900 TGT 67200-68400.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 3754-3956.
Crude oil dropped on fresh worries about weakened fuel demand, after England clamped down on travel and China
Global oil demand is expected to rise by nearly 7% this year, boosted by quicker vaccine distribution and a better economic outlook.
The market had been supported earlier by a surprisingly large decline in U.S. crude stockpiles in the week to Jan. 22.
Oil inventories dropped by 9.9 million barrels, the most since July, to their lowest since March, the Energy Information Administration reported.
BUY CRUDEOIL FEB 2021 @ 66500 SL 65900 TGT 67200-68400.MCX
NATURAL GAS
Natural gas trading range for the day is 185.5-202.3.
Natural gas fell on a smaller-than-expected weekly storage draw and forecasts for slightly lower demand over the next two weeks.
That decline came despite a colder weather outlook for mid-February.
The U.S. Energy Information Administration (EIA) said utilities pulled just 128 billion cubic feet (bcf) of gas from storage.
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 FEB 2021 @ 13500.00 SL 13350.00 TGT 13650.00-13740.00.MCX
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