BUY CRUDEOIL MAR @ 6940 SL 6840 TGT 7040-7140. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAR @ 6940 SL 6840 TGT 7040-7140. MCX
Observations
Crudeoil trading range for the day is 6380-7510.
Crude oil rose as U.S.-Israeli conflict with Iran and threats to shipping via the Strait of Hormuz heightened supply fears.
Oil production at Kazakhstan's Tengiz field fell 30% on march 1 from February's average output to 415,000 bpd.
OPEC+ agreed to resume oil production increases at a slightly accelerated pace as a conflict sparked by US-Israeli strikes on Iran.
Saudi Arabia shut its biggest domestic oil refinery after a drone strike.
Natural Gas
SELL NATURALGAS MAR @ 290 SL 295 TGT 285-280. MCX
Observations
Naturalgas trading range for the day is 270-304.4.
Natural gas prices rose amid supply disruptions as the U.S.-Israeli air war against Iran widened in the Middle East.
Support also seen on near-record liquefied natural gas (LNG) exports.
Qatar halted LNG output at its Ras Laffan complex following an Iranian drone strike.
Average gas output in the Lower 48 states eased to 109.1 bcfd so far in March, down from 109.2 bcfd in February.
