Buy Crudeoil Mar @ 6120 SL 6020 TGT 6220-6300. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAR @ 6120 SL 6020 TGT 6220-6300. MCX
Observations
Crudeoil trading range for the day is 6064-6204.
Crude oil settled flat amid expectations of resumed exports from Kurdistan’s oilfields.
Iraq will receive 185,000 bpd from Kurdistan once oil shipments start.
Money managers cut their net long U.S. crude futures and options positions – CFTC
Traders continue to monitor progress of talks to end the war in Ukraine, as a peace deal could lead to the easing of sanctions on Russian oil
Natural Gas
SELL NATURALGAS MAR @ 350 SL 355 TGT 342-336. MCX
Observations
Naturalgas trading range for the day is 331.9-355.9.
Natural gas fell dragged down by forecasts of milder weather and lower heating demand next week than previously anticipated.
Freeze-offs, which disrupt output during extreme cold, are beginning to subside, supporting a recovery in production. Average gas output in the Lower 48 U.S. states has risen to 104.5 bcfd so far in February, from 102.7 bcfd in January.
Meteorologists projected weather in the Lower 48 states would remain mostly near normal through March 8.
