Buy Crudeoil Feb @ 6300 SL 6220 TGT 6380-6440. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL FEB @ 6300 SL 6220 TGT 6380-6440. MCX
Observations
Crudeoil trading range for the day is 6086-6522.
Crude oil prices gained as expectations grew that the US would tighten sanctions on Iran.
President Trump is set to restore "maximum pressure" on Iran, aiming to cut off its oil exports completely.
OPEC and its allies upheld their existing oil production plans at a review meeting.
U.S. crude oil production fell by 122,000 barrels per day in November to 13.314 million bpd.
Natural Gas
SELL NATURALGAS FEB @ 295 SL 302 TGT 285-275. MCX
Observations
Naturalgas trading range for the day is 270.1-300.7.
Natural gas fell as less gas flows to the nation's liquefied natural gas (LNG) export plants.
Pressure also seen as President Donald Trump suspended his threat of steep tariffs on Mexico and Canada
Average gas output in the Lower 48 U.S. states rose to 106.0 bcfd so far in February, up from 102.7 bcfd in January.
Meteorologists projected weather in the Lower 48 states would switch from warmer than normal through Feb. 8.
