Buy Natural Gas MAR @ 150 SL 146 TGT 155-158. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 6383-6821.
Crude oil rose amid speculation that OPEC+ will extend supply cuts.
U.S. crude oil production fell in Dec. to 13.315 mbpd, a slight decline from November's record 13.314 mbpd.
U.S. shipments of crude oil via rail in December rose by 35,000 bpd from the previous month to 333,000 bpd.
U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week.
SELL CRUDEOIL MAR @ 6650 SL 6750 TGT 6550-6450. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 148-160.
Natural gas fell amid oversupply caused by a mild winter and record output levels
US utilities withdrew 96 billion cubic feet of natural gas from storage, exceeding market expectations of 88 bcf.
Current stockpiles stand at 2.374 trillion cubic feet, higher than last year and the five-year average.
Dry gas production climbed to a seasonal record of 3,300 bcf in December from 3,107 bcf a year earlier.
BUY NATURALGAS MAR @ 150 SL 146 TGT 155-158. MCX
