Buy Crudeoil Mar @ 6250 SL 6150 TGT 6350-6450. MCX - Kedia Advisory
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Crudeoil
BUY CRUDEOIL MAR @ 6250 SL 6150 TGT 6350-6450. MCX
Observations
Crudeoil trading range for the day is 6194-6406.
Crude oil rose as supply concerns outweighed another rise in US stockpiles.
Prices climbed gains amid uncertainty over production, with OPEC+ considering delaying an output increase.
Ukraine drone attack reducing oil flows through Kazakhstan’s key Caspian Pipeline by up to 40%, cutting market supply by an estimated 380,000 bpd.
North Dakota Pipeline Authority estimating that production in the state would be down by as much as 150,000 bpd
Natural Gas
BUY NATURALGAS FEB @ 345 SL 335 TGT 355-365. MCX
Observations
Naturalgas trading range for the day is 324.4-402.8.
Natural gas slid on forecasts for less cold and lower heating demand next week.
Extreme cold blanketing much of the country boosted heating demand and cut output by freezing oil and gas wells.
Average gas output in the Lower 48 U.S. states rose to 104.8 bcfd so far in February, up from 102.7 bcfd in January.
Average gas demand in the Lower 48 states, will fall from 147.3 bcfd this week to 127.6 bcfd next week.
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