Buy Crudeoil Feb 2023 @ 6520 SL 6420 TGT 6650-6750.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6439-6779.
Crudeoil dropped amid concerns about a global economic slowdown and expected build in U.S. oil inventories.
Bank JP Morgan raised its forecast for Chinese crude demand but maintained its projection for a 2023 price average of $90 a barrel for Brent crude.
Both the IEA and OPEC offered a bullish outlook for 2023, saying that the reopening of the Chinese economy will boost demand
The EU and G7 nations are set to cap prices of refined Russian products starting in February
BUY CRUDEOIL FEB 2023 @ 6520 SL 6420 TGT 6650-6750.MCX
NATURAL GAS
Natural gas trading range for the day is 242.3-281.3.
Natural gas settled flat on expectations of lower demand after forecasts pointed to a milder weather in the next 2 weeks.
Still, soaring domestic production and high storage levels capped further gains.
US natural gas production is likely to grow more than 2% this year to a record daily average of 100.3 billion cubic feet.
Investors continue to monitor the situation at the Freeport LNG export plant in Texas, which was expected to restart operation soon.
BUY NAT GAS FEB 2023 @ 240.00 SL 220.00 TGT 265.00-285.00.MCX
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