Buy Natural Gas Jan @ 325 SL 318 TGT 333-340. MCX - Kedia Advisory
CRUDEOIL
SELL CRUDEOIL JAN @ 5260 SL 5340 TGT 5170-5100. MCX
Observations
Crudeoil trading range for the day is 5190-5246.
Crude oil gains due to the dimming possibilities of a Russia-Ukraine ceasefire and geopolitical tensions in Middle East.
Venezuela began shutting oil wells due to a partial US blockade that has constrained exports and caused domestic storage tanks to fill.
Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 575,000 bpd in February
OPEC+ is expected to reaffirm its planned pause in oil production increases when it meets this weekend.
NATURALGAS
BUY NATURALGAS JAN @ 325 SL 318 TGT 333-340. MCX
Observations
Naturalgas trading range for the day is 308.9-345.9.
Natural gas prices dropped as weather forecasts turn warmer for the first half of January.
Meteorologists forecast a drop in temperatures nationwide through January 13.
Projected average gas demand in the lower 48 states, would edge higher from 137.1 bcfd to 138 bcfd next week.
Average natural gas output in the lower 48 U.S. states climbed to 110.1 bcfd in December
