IGI Logo

CRUDEOIL

Crude oil trading range for the day is 6497-6939.

Crude oil dropped ahead of the resumption of indirect talks between US and Iran, which could allow more oil exports from the OPEC producer.

A deal could return more than 1 million barrels per day (bpd) of Iranian oil, equating to more than 1% of global supply

Oil also came under pressure from the prospect of an increase in U.S. crude inventories.

U.S. oil output rose 2% in Nov from previous month – EIA

BUY CRUDEOIL FEB 2022 @ 6860 SL 6760 TGT 6960-7000.MCX

NATURAL GAS

Natural gas trading range for the day is 304.8-336.2.

Natural gas rose on forecasts for a little colder weather and higher heating demand over the next two weeks than previously expected.

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

SELL NAT GAS FEB 2022 @ 345.00 SL 360.00 TGT 328.00-318.00.MCX

To Read Complete Report & Disclaimer Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer