Naturalgas trading range for the day is 219-246.2 - Kedia Advisory
CRUDEOIL
Observations
Crudeoil trading range for the day is 5971-6253.
Crude oil increased as U.S. Secretary planned to visit the Middle East to address escalating tensions.
President Biden administration slowly puts oil back into the SPR emergency stash
OPEC oil output rose in December, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia.
OPEC pumped 27.88 million barrels per day (mbpd) in December, up 70,000 bpd from November
BUY CRUDEOIL JAN @ 6050 SL 5950 TGT 6150-6250. MCX
NATURALGAS
Observations
Naturalgas trading range for the day is 219-246.2.
Natural gas rose as extreme cold weather in mid- to late January is expected
Working natural gas in storage dropped by 14 billion cubic feet in the week ending December 29.
Average gas output in the lower 48 U.S. states fell to 107.4 bcfd so far in January
U.S. natgas producers seek to balance production cuts, demand rebound
SELL NATURALGAS JAN @ 240 SL 244 TGT 232-227. MCX
