Buy Crudeoil Apr @ 5850 SL 5770 TGT 5940-6000. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL APR @ 5850 SL 5770 TGT 5940-6000. MCX
Observations
Crudeoil trading range for the day is 5734-5990.
Crude oil gained as signs of strong demand in the U.S. outweighed OPEC+ supply and demand concerns.
OPEC said that China's oil demand was 16.68 mbpd in 2024, a rise of 320,000 bpd from the 16.36 mbpd.
OPEC's latest report forecasts that China's oil demand will rise by 310,000 bpd in 2025.
U.S. crude inventories, rose 1.7 million barrels, however, exceeding expectations for an increase of 512,000 barrels.
Natural Gas
SELL NATURALGAS MAR @ 346 SL 354 TGT 336-330. MCX
Observations
Naturalgas trading range for the day is 329.1-374.5.
Natural gas fell on forecasts for milder weather and less demand next week than previously expected.
Gas stockpiles, were still around 11% below normal levels for this time of year after extreme cold weather in January
Average gas output in the Lower 48 U.S. states rose to 105.8 billion cubic feet per day (bcfd) so far in March.
Meteorologists projected weather in the Lower 48 states would remain mostly near normal through April 4.
