Sell Crudeoil Feb 2023 @ 6750 SL 6850 TGT 6650-6550.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6532-6822.
Crude oil rose amid signs of more buying from China after it eased COVID-19 restrictions and concern that sanctions on Russia could tighten supply.
Investor confidence has surged on hopes around China's demand recovery after the recent easing of travel restrictions.
Chinese oil demand rose by nearly 1 million bpd sequentially to 15.41 million bpd in November, the highest level since February.
Both OPEC and IEA mentioned Chinese demand recovery as the driving force behind oil consumption in 2023.
SELL CRUDEOIL FEB 2023 @ 6750 SL 6850 TGT 6650-6550.MCX
NATURAL GAS
Natural gas trading range for the day is 251.4-300.4.
Natural gas rose in anticipation of higher heating demand due to cold spell forecasts.
Still, soaring domestic production and high storage levels capped further gains.
US natural gas production is likely to grow more than 2% this year to a record daily average of 100.3 billion cubic feet.
Investors continue to monitor the situation at the Freeport LNG export plant in Texas, which was expected to restart operation soon.
BUY NAT GAS JAN 2023 @ 265.00 SL 250.00 TGT 285.00-300.00.MCX
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