Buy Natural Gas MAR @ 140 SL 135 TGT 145-148. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 6244-6552.
Crude oil dropped as IEA said that global oil demand is losing steam.
The U.S. central bank indicated that interest rate cuts could be delayed by at least two more months.
U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week, the EIA said.
Crude inventories rose by 3.5 million barrels to 442.9 million barrels
SELL CRUDEOIL MAR @ 6400 SL 6500 TGT 6300-62800. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 136.4-154.2.
Natural gas dropped on record output and lower heating demand.
US natural gas prices hit their lowest since June 2020 at $1.522/MMBtu, driven by near-record production.
US utilities pulled 60 billion cubic feet of natural gas from storage Chesapeake
Energy slashed its 2024 gas production projections by about 20% by scaling back capital expenses.
BUY NATURALGAS MAR @ 140 SL 135 TGT 145-148. MCX
