IGI Logo

CRUDE OIL:

Observations:

Crudeoil trading range for the day is 6272-6592.

Crude oil surged due to China’s stimulus and larger-than-expected US inventory draw

China reduced the reserve requirement for banks, allowing for a liquidity infusion to support economic recovery.

EIA reported a decline of 9.2 million barrels in crude oil inventories, larger than the expected decline of 2.2 million barrels.

IEA plans to bring forward its first 2025 oil demand forecast in its monthly report.

SELL CRUDEOIL FEB @ 6450 SL 6550 TGT 6350-6250. MCX

NATURAL GAS:

Observations:

Naturalgas trading range for the day is 168-184.8.

Natural gas dropped due to warmer weather forecasts and slow recovery of LNG export plants.

Output of natural gas has been slow to return after wells and equipment froze during the recent Arctic freeze.

Extreme cold last week led to record high gas demand and decreased gas output and LNG feedgas.

Average gas output in the Lower 48 states has fallen in January compared to December

BUY NATURALGAS FEB @ 170 SL 165 TGT 175-180. MCX

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer