Buy Crudeoil Jan @ 6340 SL 6240 TGT 6440-6540. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6237-6451.
Crude oil gains amid a tightening of supplies from Russia and other OPEC members and a drop in U.S. crude stocks.
Oil output from the OPEC fell in December, partly due to losses in Iran.
Concern of tighter supply from Iran and Russia due to sanctions is also boosting prices.
U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said.
BUY CRUDEOIL JAN @ 6340 SL 6240 TGT 6440-6540. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 296.7-343.9.
Natural gas rose driven by disruptions in supply and strong global demand.
US utilities have been withdrawing natural gas from storage, with colder-than-normal weather expected to persist through January.
With extreme cold weather forecasted to continue, concerns over further supply tightening are pushing prices higher.
U.S. utilities withdrew 40 billion cubic feet of natural gas from storage, reducing total stockpiles to 3,373 bcf
BUY NATURALGAS JAN @ 320 SL 312 TGT 330-336. MCX
