BUY CRUDEOIL MAY @ 4950 SL 4870 TGT 5040-5120. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL MAY @ 4950 SL 4870 TGT 5040-5120. MCX
Observations
Crudeoil trading range for the day is 4742-5132.
Crude oil gained following President Trump's threat of secondary sanctions against countries purchasing Iranian oil.
Crude oil inventories in the US fell by 2.696 million barrels, according to EIA Report.
Stocks in the Cushing, Oklahoma, delivery hub increased by 682 thousand barrels.
Total U.S. crude oil production rose slightly in February as top producing states Texas and New Mexico reversed recent declines.
NATURALGAS
SELL NATURALGAS MAY @ 294 SL 300 TGT 286-280. MCX
Observations
Naturalgas trading range for the day is 279.9-297.3.
Natural gas edged up on a drop in output and forecasts for more demand
U.S. natural gas output fell to a two-month low of 102 bcfd.
Gas stockpiles remain below normal after January’s record withdrawal.
Demand next week revised upward to 95.8 bcfd despite warmer weather.
