BUY NATURALGAS FEB @ 310 SL 305 TGT 315-320. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL FEB @ 5940 SL 6040 TGT 5840-5740. MCX
Observations
Crudeoil trading range for the day is 5602-6076.
Crude oil gains as geopolitical tensions resurfaced after the US downed an Iranian drone near a US aircraft carrier.
API data showing US crude inventories fell by 11.1 million barrels last week, the largest draw since June.
OPEC+ expects oil demand to gradually pick up from March or April.
Russia's Putin and Saudi's MBS discuss work of OPEC+ in call, pledge deeper ties, Kremlin says
Natural Gas
BUY NATURALGAS FEB @ 310 SL 305 TGT 315-320. MCX
Observations
Naturalgas trading range for the day is 286.2-334.2.
Natural gas rose driven by a small decline in output, along with increases in gas flows to LNG export plants.
That price increase came despite forecasts for the weather to turn warmer than normal through mid-February.
Average gas output eased to 106.2 bcfd so far in February, down from 106.3 bcfd in January.
Average gas demand, including exports, would fall from 159.7 bcfd this week to 143.4 bcfd next week.
