Sell Crudeoil Feb 2023 @ 6650 SL 6750 TGT 6550-6450.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6446-6732.
Crude oil gains spurred largely by brightening economic prospects for China
OPEC and IEA forecast growing Chinese oil demand in 2023
Hopes for Fed downshift on interest rate hikes also support
Crude inventories rose by 8.4 million in the week to Jan. 13 to about 448 million, their highest since June 2021, EIA data showed.
SELL CRUDEOIL FEB 2023 @ 6650 SL 6750 TGT 6550-6450.MCX
NATURAL GAS
Natural gas trading range for the day is 242.8-285.6
Natural gas dropped as two-week forecasts calling for less cold weather and lower heating demand than previously expected.
US natural gas production is likely to grow more than 2% this year to a record daily average of 100.3 billion cubic feet
Natural gas production in North Dakota slid to 3.029 billion cubic feet per day (bcfd) in November from 3.146 bcfd in October
EIA data showed that utilities unexpectedly injected 11 bcf into storage last week.
BUY NAT GAS JAN 2023 @ 260.00 SL 240.00 TGT 285.00-300.00.MCX
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