Sell Crudeoil Feb 2022 @ 6720 SL 6760 TGT 6640-6600.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6531-6849.
Crude oil dropped as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets
Crude inventories fell by 4.8 million barrels in the week to Feb. 4 to 410.4 million barrels
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.8 million barrels in the last week, EIA said
Oil exports from the OPEC producer are likely to resume swiftly if a nuclear deal is reached.
SELL CRUDEOIL FEB 2022 @ 6720 SL 6760 TGT 6640-6600.MCX
NATURAL GAS
Natural gas trading range for the day is 286.3-327.1.
Natural gas fell as output slowly increases after weeks of reductions from freezing wells and on forecasts for slightly less cold weather
That price move higher came despite a slow increase in output following weeks of reductions due to freezing wells and pipes
U.S. speculators last week boosted their net long futures and options positions to the highest since October 2021
Output in the U.S. Lower 48 states fell from a record 97.3 bcfd in December to 93.9 bcfd in January and 89.9 bcfd so far in February
BUY NAT GAS FEB 2022 @ 312.00 SL 302.00 TGT 324.00-334.00.MCX
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