Sell Nat Gas Feb 2022 @ 345.00 SL 360.00 TGT 328.00-318.00.MCX - Kedia Advisory
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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
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