Sell Crudeoil Apr 2021 @ 4500 SL 4560 TGT 4430-4380.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 4113-4647.
Crude prices gains as support seen after the news that the Suez Canal has been blocked after one of the world’s largest container ships.
U.S. crude oil stocks rose and gasoline inventories fell in the most recent week
Oil supercycle unlikely due to ample stocks and supply, IEA says
IEA cut its forecast for crude demand in 2021 by 2.5 million barrels per day
SELL CRUDEOIL APR 2021 @ 4500 SL 4560 TGT 4430-4380.MCX
NATURAL GAS
Natural gas trading range for the day is 180.3-186.3.
Natural gas settled flat despite of near-record LNG exports and forecasts for cooler weather and higher heating demand over the next two weeks than previously expected.
Traders also noted that price declines over the past four weeks have prompted power generators to burn more gas and less coal to produce electricity
Falling demand and rising output over the past month caused utilities to pull less gas from storage in recent weeks.
Refinitiv projected average gas demand, including exports, would rise from 98.6 bcfd this week to 99.4 bcfd next week
SELL NAT GAS MAR 2021 @ 184.00 SL 188.50 TGT 179.50-176.50.MCX
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