Buy Crudeoil Mar 2021 @ 4665 SL 4580 TGT 4760-4820.MCX - Kedia Advisory
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Curde Oil
Crude oil trading range for the day is 4567-4879.
Crude oil dropped as easing concern of a supply disruption in Saudi Arabia countered the prospects for tighter supply due to OPEC+ output curbs.
OPEC+, agreed last week agree on broadly sticking with output cuts despite rising crude prices.
OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day for a third consecutive month
Gulf countries get fiscal leeway after OPEC+ extends output cuts
BUY CRUDEOIL MAR 2021 @ 4665 SL 4580 TGT 4760-4820.MCX
Natural Gas
Natural gas trading range for the day is 190.6-197.
Natural gas eased on forecasts for milder weather over the next two weeks than earlier expected.
The fall came despite forecasts for higher-than-expected demand over the next two weeks as low gas prices prompt power generators to burn more gas
Speculators cut their net long positions on the NYMEX and Intercontinental Exchanges for a second week in a row last week for the first time since December.
Data provider Refinitiv said output in the Lower 48 U.S. states had averaged 91.0 billion cubic feet per day (bcfd) so far in March.
SELL NAT GAS MAR 2021 @ 204.00 SL 210.00 TGT 196.50-192.00.MCX
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