Buy Crudeoil Jan 2023 @ 6250 SL 6150 TGT 6380-6450.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6001-6523.
Crude oil gained prompted by hopes of a rise in China demand.
U.S. crude output and petroleum demand to rise in 2023 – EIA
Crude oil production is expected to rise by 400,000 barrels per day to 12.81 million bpd in 2024, the EIA said.
Data from the American Petroleum Institute showed that US crude inventories jumped by 14.9 million barrels last week
BUY CRUDEOIL JAN 2023 @ 6250 SL 6150 TGT 6380-6450.MCX
NATURAL GAS
Natural gas trading range for the day is 270.5-325.9.
Natural gas dropped amid forecasts for unseasonally warm weather over the next two weeks and lower than previously expected heating demand next week.
The market's biggest uncertainty remains when Freeport LNG will restart its liquefied natural gas (LNG) export plant in Texas.
Gas speculators last week boosted their net short futures and options positions for a third week in a row to their highest since October 2022.
Average gas output in the U.S. Lower 48 states rose to 98.3 bcfd so far in January, up from 96.7 bcfd in December.
BUY NAT GAS JAN 2023 @ 280.00 SL 260.00 TGT 305.00-315.00.MCX
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