Buy Crudeoil Mar @ 6450 SL 6350 TGT 6550-6650. MCX - Kedia Advisory
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Crude Oil
Observations:
Crudeoil trading range for the day is 6323-6597.
Crude oil gains amid geopolitical uncertainties and OPEC+ efforts to curb oil supply.
Oil output in North Dakota fell in Dec., despite record well count
Iraq committed to OPEC, will not produce more than 4 mln bpd -minister
IEA warned that global oil demand is losing momentum, flagging a sharp drop in Chinese demand.
BUY CRUDEOIL MAR @ 6450 SL 6350 TGT 6550-6650. MCX
Naturalgas
Observations:
Naturalgas trading range for the day is 129.2-138.6.
Natural gas dropped on rising, near-record output
US utilities pulled 49 bcf of natural gas from storage, less than market expectations of a 67 bcf draw.
US natgas price to average higher in 2024 and 2025 – EIA
North Dakota natgas output hits record high in Dec, flaring eases
BUY NATURALGAS FEB @ 130 SL 127 TGT 134-137. MCX
