Buy Crudeoil JAN 2022 @ 5900 SL 5800 TGT 6020-6060.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 5705-5935.
Crude oil dropped amid concerns about the outlook for energy demand due to the rapid surge in the Omicron variant of the coronavirus across the globe.
The oil and gas rig count, rose two to 588 in the week to Jan. 7, its highest since April 2020.
OPEC's output in December rose by 70,000 bpd from the previous month
Speculators cut U.S. crude oil net longs – CFTC
BUY CRUDEOIL JAN 2022 @ 5900 SL 5800 TGT 6020-6060.MCX
NATURAL GAS
Natural gas trading range for the day is 286.7-319.9.
Natural gas jumped on expectations the Northeast region will experience its coldest day of the winter
Support also seen as soaring global gas prices keep demand for U.S. liquefied natural gas (LNG) strong.
Daily U.S. gas demand in the Lower 48 states jumped to a record high on Friday as cold weather blanketed most of the country.
Speculators, slightly reduced their net long U.S. futures and options positions last week - CFTC
BUY NAT GAS JAN 2022 @ 284.00 SL 275.00 TGT 295.00-302.00.MCX
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