Buy Crude Oil MAR @ 6090 SL 6000 TGT 6190-6290. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL MAR @ 6090 SL 6000 TGT 6190-6290. MCX
Observations
Crudeoil trading range for the day is 5827-6321.
Crude oil gains as traders remained on alert for potential supply disruptions after US and Iran extended talks.
Geopolitical risk premiums of $8 to $10 a barrel have built in oil prices on fears that a conflict will disrupt Middle East supply.
Saudi Arabia has activated a plan for a short-term oil output and export surge in case a U.S. strike on Iran disrupts oil flows from the Middle East.
US crude inventories surged by 15.989 million barrels to 435.8 million barrels, the most in three years.
NATURALGAS
BUY NATURALGAS MAR @ 260 SL 255 TGT 265-270. MCX
Observations
Naturalgas trading range for the day is 254.5-268.3.
Natural gas climbed on near-record flows to LNG export plants and forecasts for more demand next week.
Near-record LNG export flows boost U.S. natural gas futures US energy firms withdrew 52 bcf of natural gas from storage, slightly above expectations for a 36 bcf draw
U.S. gas output rises in February, demand forecast higher than expected next week
