Buy Natural Gas Apr @ 142 SL 138 TGT 146-149. MCX - Kedia Advisory
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CRUDEOIL
Observations
Crudeoil trading range for the day is 6636-7198.
Crude oil settled flat after Iran played down reported Israeli attacks on its soil.
Demand-side uncertainties also weighed on the market following weak March economic data for China.
Goldman Sachs and Commerzbank raised their Brent crude forecasts, taking into account geopolitical tensions as well as the prospect of rising demand.
The US imposed sanctions on Venezuelan oil, while the EU is considering new restrictions on Iranian oil.
SELL CRUDEOIL MAY @ 6950 SL 7050 TGT 6850-6750. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 140.8-153.8.
Natural gas dropped amid a massive oversupply of gas in storage.
U.S. utilities added 50 billion cubic feet of gas into storage during the week ending April 12.
Gas production fell by around 10% so far in 2024 due to delayed well completions and reduced drilling activities.
Gas output in Lower 48 states fell to an average of 98.3 billion cubic feet per day in April, down from 100.8 bcfd in March.
BUY NATURALGAS APR @ 142 SL 138 TGT 146-149. MCX
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