Buy Crude oil Jan @ 5130 SL 5050 TGT 5220-5300. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL JAN @ 5130 SL 5050 TGT 5220-5300. MCX
Observations
Crudeoil trading range for the day is 5083-5363.
Crude oil slumps as expectations of a Russia-Ukraine ceasefire grow The US continues efforts to intercept another oil tanker near Venezuela.
API data showed that crude inventories rose by 2.4 million barrels last week
Hostilities between Ukraine and Russia have again targeted energy-related assets, with a recent strike damaging port infrastructure.
Naturalgas
BUY NATURALGAS JAN @ 345 SL 340 TGT 352-357. MCX
Observations
Naturalgas trading range for the day is 338.5-363.5.
Natural gas rose as forecasts pointed to colder weather and increased demand in the weeks ahead.
Natural gas speculators decreased their net long positions by 75,292 contracts to a total of 164,467.
Average gas demand in the lower 48 states, would rise from 136.1 bcfd to 138.5 bcfd over the next two weeks.
Russia's production of natural gas in January-November declined by 3% year-on-year to 507 billion cubic metres.
