Buy Crudeoil JAN 2022 @ 6020 SL 5940 TGT 6100-6150.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6016-6154.
Crude oil prices declined after a large increase in gasoline stockpiles renewed fears of an Omicron-induced demand taper.
U.S. crude oil stockpiles fell more than expected to their lowest levels since October 2018
Crude inventories fell by 4.6 million barrels in the week to Jan. 7 to 413.3 million barrels
U.S. crude inventories have dropped for seven consecutive weeks, and overall inventories have been tightening across the globe
BUY CRUDEOIL JAN 2022 @ 6020 SL 5940 TGT 6100-6150.MCX
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NATURAL GAS
Natural gas trading range for the day is 290.9-372.1.
Natural gas dropped on forecasts for less cold weather and lower heating demand this week and next than previously expected.
Production has been slow to return following freeze-offs and other weather-related declines over New Year's weekend.
U.S. natural gas stocks returned to normal by the end of last year as a result of an exceptionally mild start to the heating season and high prices
Refinitiv said output in the U.S. Lower 48 states averaged 94.7 bcfd so far in January, down from a record 97.6 bcfd in December.
SELL NAT GAS JAN 2022 @ 325.00 SL 336.00 TGT 314.00-308.00.MCX
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