Buy Crudeoil APR @ 9400 SL 9300 TGT 9580-9720. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL APR @ 9400 SL 9300 TGT 9580-9720. MCX
Observations
Crudeoil trading range for the day is 8615-9805.
Crude oil prices rose amid skepticism that the US and Iran could reach a deal to end the war soon.
The conflict has taken about 11 million barrels per day out of global oil supply.
International Energy Agency describing the crisis as worse than the two 1970s oil shocks combined.
Russian oil producers have warned buyers that they could declare force majeure on supplies from major Baltic Sea ports.
Natural Gas
SELL NATURALGAS APR @ 292 SL 296 TGT 287-282. MCX
Observations
Naturalgas trading range for the day is 272.4-300.6.
Natural gas gains after energy companies pulled more gas than usual out of storage, a signal of stronger demand.
Energy companies pulled 54 billion cubic feet of gas from stockpiles during the week ended March 20 – EIA
Stockpiles fell to 1.829 trillion cubic feet, about 5.2% above year-ago levels and 0.8% above the seasonal average.
Russia's production of natural gas in January-February rose by 10.4% year-on-year to 112 billion cubic metres.
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