Buy Crude Oil APR @ 9150 SL 9000 TGT 9350-9500. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL APR @ 9150 SL 9000 TGT 9350-9500. MCX
Observations
Crudeoil trading range for the day is 8563-9637.
Crude oil rose as Iraq declared force majeure on all oilfields developed by foreign oil firms and the Iran war escalated
Leading European nations, Japan and Canada offered to join efforts to secure safe passage for ships through the Strait of Hormuz.
IEA’s Birol warned that it could take up to six months to restore oil and gas flows from the Middle East Gulf.
China Jan-Feb crude oil output +1.9 pct y/y at 35.73 mln metric tonnes - stats bureau
Natural Gas
SELL NATURALGAS MAR @ 290 SL 295 TGT 285-280. MCX
Observations
Naturalgas trading range for the day is 278.7-302.5.
Natural gas prices dropped after the US signaled potential measures to increase supply.
EIA’s latest report showed a 35bcf increase in storage, suggesting that heating demand is starting to ease as winter winds down.
China Jan-Feb natural gas production +2.9% pct y/y at 44.6 cubic metres -stats bureau
Average gas output in the U.S. Lower 48 states rose to 109.8 bcfd so far in March, up from 109.2 bcfd in February
