Crudeoil trading range for the day is 6250-6604 - Kedia Advisory
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CRUDE OIL:
Observations:
Crudeoil trading range for the day is 6250-6604.
Crude oil rose after IMF raising its growth forecast for the global economic in 2024.
Continuing conflict in the Middle East, however, prevented further losses.
The OPEC+ meeting in February was not expected to make a decision on oil policy for April
Saudi Aramco received a directive to maintain its maximum sustainable capacity at 12 million bpd.
BUY CRUDEOIL FEB @ 6450 SL 6350 TGT 6550-6640. MCX
NATURAL GAS:
Observations:
Naturalgas trading range for the day is 168.5-180.1.
Natural gas dropped due forecasts are predicting milder weather and lower heating demand.
U.S. industrial demand for gas is depressed, partly due to an ongoing outage at Freeport LNG's export plant in Texas.
The Freeport outage has resulted in more gas remaining in the country, despite rising U.S. gas output.
Gas output in the Lower 48 states fell in January but is expected to increase in the coming weeks.
BUY NATURALGAS FEB @ 170 SL 165 TGT 175-180. MCX
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