Sell Crudeoil Feb 2023 @ 6550 SL 6650 TGT 6450-6350.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6289-6849.
Crudeoil dropped as prospects of still strong Russian supply weighed on prices.
However, better-than-expected Q4 US GDP numbers and hopes of continued demand recovery in China limited downside.
OPEC is expected to maintain current oil production levels when they meet next, keeping supply tight.
IEA said that lifting Covid 19 restrictions in China is expected to increase global demand to record highs this year.
SELL CRUDEOIL FEB 2023 @ 6550 SL 6650 TGT 6450-6350.MCX
NATURAL GAS
Natural gas trading range for the day is 222.5-253.1.
Natural gas extended losses as milder weather has reduced heating demand and production remains strong.
Natural gas production in the Lower 48 states the Gulf of Mexico is estimated to have increased by 7.4 Bcf/d or 8.4% year-over-year for January 2023.
Total US natural gas production is projected to have increased by 4.3 Bcf/d based on EIA data, and reach the highest on record.
EIA said U.S. utilities pulled 91 billion cubic feet (bcf) of gas from storage during the week ended Jan. 20
SELL NAT GAS FEB 2023 @ 235.00 SL 250.00 TGT 210.00-200.00.MCX
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