Buy Naturalgas MAR @ 138 SL 134 TGT 144-148. MCX - Kedia Advisory
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Crude Oil
Observation
* Crudeoil trading range for the day is 6376-6694.
* Crude oil rose after US data showed an unexpected decrease in crude stocks.
* EIA report showed crude oil inventories in the US fell by 1.536 million barrels last week EIA raised its 2024 world oil demand growth forecast by 10,000 barrels per day to 1.43 million bpd. Iraq exceeded its quota for oil production for the second consecutive month, according to OPEC.
BUY CRUDEOIL MAR @ 6520 SL 6420 TGT 6620-6720. MCX
Natural Gas
Observation
* Naturalgas trading range for the day is 135.5-145.1.
* Natural gas slid on forecasts for less demand over the next two weeks.
* Also weighing on prices has been the reduced amount of gas flowing to LNG export plants Output is down as several energy firms, delay well completions and cut back on other drilling activities.
* Gas output in US has fallen to an average of 100.4 bcfd so far in March, down from 104.1 bcfd in February
BUY NATURALGAS MAR @ 138 SL 134 TGT 144-148. MCX
