Sell Crudeoil Feb 2023 @ 6500 SL 6580 TGT 6400-6320.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6278-6598.
Crudeoil dropped amid signs of robust Russian exports and persistent fears of a global economic slowdown spooked investors.
Russian oil producers have been able to secure export deals despite Western sanctions and price caps
In the Middle East, Israel carried out a drone strike against a target in Iran over the weekend, fueling fears of supply disruptions
OPEC will also likely maintain current oil production levels when they meet later this week, keeping global supplies tight.
SELL CRUDEOIL FEB 2023 @ 6500 SL 6580 TGT 6400-6320.MCX
NATURAL GAS
Natural gas trading range for the day is 215.7-237.1.
Natural gas tumbled on expectations of lower demand after forecasts pointed to milder weather across most of the US.
Output held above 100 Bcf/d and through most of the last week, leaving it within reach of record levels around 102 Bcf/d.
The Freeport LNG export facility in Texas was allowed to restart production.
Natural gas prices are down more than 40% in January, the worst month since December 2018
BUY NAT GAS FEB 2023 @ 220.00 SL 210.00 TGT 230.00-240.00.MCX
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