Sell Crude oil FEB 2023 @ 6550 SL 6650 TGT 6450-6350.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6402-6802.
Crude oil rose as hopes for a demand recovery in China after its rapid exit from zeroCovid policy outweighed fears of a global economic slowdown.
U.S. oil output set to rise in Feb to record, but growth slows -EIA
China's COVID – 19 reopening set to push 2023 oil demand to new high – IEA
OPEC Secretary General Haithan Al-Ghais said he is “cautiously optimistic” about the outlook for the global economy
SELL CRUDEOIL FEB 2023 @ 6550 SL 6650 TGT 6450-6350.MCX
Natural gas
Natural gas trading range for the day is 255.2-310.6.
Natural gas dropped on forecasts for warmer weather and less heating demand in late January than previously expected.
US natural gas production is expected to grow more than 2% this year to a record daily average of 100.3 billion cubic feet
US natgas rig count fell 2 at 150 – Baker Hughes
Investors poured money back into the commodity amid prospects of a recovery in demand.
BUY NAT GAS JAN 2023 @ 270.00 SL 250.00 TGT 295.00-305.00.MCX
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