Buy Nat Gas Feb 2021 @ 201.00 SL 196.00 TGT 208.00-212.00 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4012-4168.
Crude oil prices rose after the OPEC+ alliance of major producers stuck to a reduced output policy at a meeting.
U.S. crude oil stockpiles fell by 994,000 barrels last week to 475.7 million barrels, their lowest since March, the U.S. Energy Information Administration said.
While refinery utilisation rates rose by 0.6 percentage points to 82.3% of capacity, U.S. gasoline stocks rose by 4.5 million barrels, EIA said.
Russia’s Novak said that Russia is aiming to be 100% compliant with its deal with OPEC and other leading oil producers to reduce output.
BUY CRUDEOIL FEB 2021 @ 4040 SL 3970 TGT 4120-4160.MCX
NATURAL GAS
Natural gas trading range for the day is 195.7-216.1.
Natural gas edged up on forecasts for much colder weather in mid February and a big storage draw last week.
That small increase comes despite forecasts for a little less heating demand this week and next than previously expected.
EIA said U.S. utilities pulled 192 billion cubic feet (bcf) of gas from storage during the colder than normal week ended Jan. 29
Last week's decrease cut stockpiles to 2.689 trillion cubic feet (tcf), which is still 7.9% above the five-year average of 2.491 tcf for this time of year.
BUY NAT GAS FEB 2021 @ 201.00 SL 196.00 TGT 208.00-212.00.MCX
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