Sell Crude Oil Jan 2023 @ 6450 SL 6550 TGT 6350-6250.MCX - Kedia Advisory
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CRUDE OIL
Crude oil trading range for the day is 6242-6516.
Crude oil rose amid optimism over improvement in Chinese demand and the prospect of softening inflationary pressures.
China reopening leads to optimism demand will rise
Looming EU ban on Russian oil products imports in focus
U.S. crude output and petroleum demand to rise in 2023 – EIA
SELL CRUDEOIL JAN 2023 @ 6450 SL 6550 TGT 6350-6250.MCX
NATURAL GAS
Natural gas trading range for the day is 287.9-336.5.
Natural gas rose on forecasts for higher demand than previously expected, colder-thannormal weather coming in late January
Support also seen as uncertainty about when the Freeport liquefied natural gas (LNG) export plant in Texas will exit a seven-month outage.
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 @ 300.00 SL 280.00 TGT 325.00-340.00.MCX
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