08-01-2024 12:12 PM | Source: Kedia Advisory
Naturalgas trading range for the day is 219-246.2 - Kedia Advisory

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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

 

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