Buy Crudeoil Mar 2021 @ 4400 SL 4340 TGT 4450-4500.MCX - Kedia Advisory
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CRUDEOIL
* Crude oil trading range for the day is 4274-4538.
* Crude oil prices rose as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back
* Abnormally cold weather in Texas and the Plains states forced the shut down of up to 4 million barrels per day (bpd) of crude production
* Russia working on oil industry support after tax hikes, says deputy PM Novak
* Money managers raised their net long U.S. crude futures and options positions in the week to Feb. 16 to the highest since June
BUY CRUDEOIL MAR 2021 @ 4400 SL 4340 TGT 4450-4500.MCX
NATURAL GAS
* Natural gas trading range for the day is 201.8-225.4.
* Natural gas fell on forecasts for milder weather and lower heating demand over the next two weeks than previously expected.
* EIA forecast U.S. utilities pulled 237 billion cubic feet (bcf) of gas from storage during the week ended Feb. 12.
* The U.S. natural gas output slumped to 72.88 billion cubic feet per day (bcfd) on Wednesday, the lowest level since January 2017.
* The U.S. natural gas output slumped to 72.88 billion cubic feet per day (bcfd), the lowest level since January 2017.
SELL NAT GAS FEB 2021 @ 212.00 SL 218.00 TGT 206.00-202.00.MCX
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