Buy Crudeoil Mar 2022 @ 7200 SL 7000 TGT 7560-7750.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6989-7723.
Crude oil dropped amid signs of progress in Russia-Ukraine peace talks
OPEC has raised its prediction for total oil demand in 2022 by around 100,000 BPD to 100.90 million BPD.
OPEC: Oil output rose by 440,000 BPD in February to 28.47 million BPD, exceeding pledged increase under OPEC+ deal.
U.S. crude inventories rose by 3.8 million barrels, while gasoline inventories fell by 3.8 million barrels – API
BUY CRUDEOIL MAR 2022 @ 7200 SL 7000 TGT 7560-7750.MCX
NATURAL GAS
Natural gas trading range for the day is 348.1-370.1.
Natural gas gained with U.S. LNG exports near record highs and forecasts for slightly cooler weather and higher demand.
The U.S. EIA said utilities pulled 124 billion cubic feet (bcf) of gas from storage during the week ended March 4
Data provider Refinitiv said average gas output in the U.S. Lower 48 states was on track to rise to 93.4 bcfd in March from 92.5 bcfd in February
U.S. drillers add oil and gas rigs for ninth time in 10 weeks
BUY NAT GAS MAR 2022 @ 346.00 SL 335.00 TGT 355.00-362.00.MCX
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