Sell Crude oil JAN 2023 @ 6500 SL 6600 TGT 6400-6320.MCX - Kedia Advisory
Crude oil
* Crude oil trading range for the day is 6317-6547.
* Crudeoil gains on expectations of improved demand growth in China and hopes of lessaggressive rate hikes in the United States.
* China's decision to reopen its international borders boosted hopes of higher oil demand.
* U.S. crude stocks built unexpectedly last week, the Energy Information Administration said
* Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.5 million barrels in the last week, EIA said.
SELL CRUDEOIL JAN 2023 @ 6500 SL 6600 TGT 6400-6320.MCX
Natural gas
* Natural gas trading range for the day is 277.1-318.1.
* Natural gas dropped as soaring domestic production offset prospects of a recovery in demand amid colder weather
* US natural gas production is likely to grow more than 2% this year to a record daily average of 100.3 billion cubic feet
* EIA data showed that utilities unexpectedly injected 11 bcf into storage last week.
* Freeport LNG export plant in Texas, again delayed the restart to the second half of January, leaving more supply on the domestic market.
BUY NAT GAS JAN 2023 @ 290.00 SL 275.00 TGT 310.00-320.00.MCX
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