BUY CRUDEOIL MAR @ 9000 SL 8900 TGT 9120-9240. MCX - Kedia Advisory
Crudeoil
BUY CRUDEOIL MAR @ 9000 SL 8900 TGT 9120-9240. MCX
Observations
Crudeoil trading range for the day is 8336-9458.
Crude oil rose as the blockade of the Strait of Hormuz continues to choke 20% of global daily energy throughput
Saudi Arabia cuts oil output by at least 2 million bpd to around 8 mln bpd
Middle East Gulf countries including Iraq, Qatar, Kuwait, UAE and Saudi Arabia have cut total oil production by at least 10 mbpd - IEA
Goldman Sachs expects Brent oil to average over $100 a barrel in March, and $85 in April.
Natural Gas
SELL NATURALGAS MAR @ 295 SL 300 TGT 288-284. MCX
Observations
Naturalgas trading range for the day is 276.8-315.4.
Natural gas eased on forecasts for less demand than previously expected and mild weather through the rest of March.
EIA said energy firms pulled 38 bcf of gas out of storage, less than market expectations of a 42 bcf withdrawal.
Average gas output in the U.S. Lower 48 states rose to 109.8 bcfd so far in March, up from 109.2 bcfd in February.
Meteorologists forecast weather across the country will remain mostly near normal through March 28.
