Buy Naturalgas Mar @ 145 SL 142 TGT 150-153. MCX - Kedia Advisory
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Crude Oil
Observation
* Crudeoil trading range for the day is 6311-6555.
* Crude oil dropped on concern about slow demand in China.
* However, lingering geopolitical risk surrounding the Middle East and Russia limited the decline.
* China's crude oil imports in the first two months of 2024 rose 5.1% from a year earlier
* U.S. crude stocks rose while gasoline and distillate inventories fell last week
SELL CRUDEOIL MAR @ 6450 SL 6550 TGT 6350-6250. MCX
Natural Gas
Observation
* Naturalgas trading range for the day is 141.9-155.5.
* Natural gas slid on forecasts for milder weather and lower heating demand.
* Pressure also seen amid low amount of gas flowing to LNG export plants.
* Speculators cut their net short futures and options positions on the Exchanges for a second week in a row.
* Gas output in the Lower 48 U.S. states fell to an average of 100.4 bcfd so far in March.
BUY NATURALGAS MAR @ 145 SL 142 TGT 150-153. MCX
