Buy Crudeoil Jan 2023 @ 6200 SL 6100 TGT 6320-6400.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6083-6475.
Crude oil bounces as China demand hopes offset recession fears
Reopening of Chinese economy buoys demand hopes
Rising interest rates and recession fears weigh
U.S. to begin purchases for strategic reserve
BUY CRUDEOIL JAN 2023 @ 6200 SL 6100 TGT 6320-6400.MCX
NATURAL GAS
Natural gas trading range for the day is 453-553.8.
Natural gas dropped on forecasts of milder weather and lower heating demand in late December.
Data showed that natural gas flowing towards US LNG terminals rose to 13 bcf per day, the most since June
At the same time, extreme cold from North Dakota to Texas resulted in the freeze of oil and gas wells, lowering production.
The Freeport LNG export plant in Texas, forced to go offline in June following a fire, expects to bring operations back online only by year's end.
BUY NAT GAS DEC 2022 @ 480.00 SL 460.00 TGT 510.00-530.00.MCX
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