13-03-2024 11:47 AM | Source: Kedia Advisory
Sell Ceudeoil Mar @ 6500 SL 6600 TGT 6400-6300. MCX - Kedia Advisory

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Crude Oil

Observation

* Crudeoil trading range for the day is 6359-6557.

* Crude oil gains as OPEC stuck by its forecast for demand growth this year and next

* OPEC said world oil demand will rise by 2.25 mbpd in 2024 and by 1.85 mbpd in 2025.

* Tensions in the Middle East persist as Israeli forces continued their deadly attacks in the Gaza Strip

* China oil purchases signal softening demand

SELL CRUDEOIL MAR @ 6500 SL 6600 TGT 6400-6300. MCX

 

Natural Gas

Observation

* Naturalgas trading range for the day is 134.4-155.2.

* Natural gas dropped amid forecasts for milder weather and lower heating demand.

* U.S. energy company CNX Resources said it will delay well completions activities and produce less of the fuel this year.

* Several energy firms, including EQT and Chesapeake Energy, were following through on plans to cut production this year.

* Gas output in the Lower 48 U.S. states fell to an average of 100.4 bcfd so far in March

BUY NATURALGAS MAR @ 138 SL 134 TGT 144-148. MCX

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