Sell Crude oil Jan @ 5250 SL 5350 TGT 5150-5100. MCX -Kedia Advisory
Crude oil
SELL CRUDEOIL JAN @ 5250 SL 5350 TGT 5150-5100. MCX
Observations
Crudeoil trading range for the day is 5155-5309.
Crude oil edged lower as U.S. data showed a modest build in crude oil inventories.
Venezuela began shutting oil wells due to a partial US blockade that has constrained exports and caused domestic storage tanks to fill.
Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 575,000 bpd in February
OPEC+ is expected to reaffirm its planned pause in oil production increases when it meets this weekend.
Natural gas
BUY NATURALGAS JAN @ 335 SL 328 TGT 344-348. MCX
Observations
Naturalgas trading range for the day is 317.8-369.8.
Natural gas prices dropped as weather forecasts turn warmer for the first half of January.
Meteorologists forecast a drop in temperatures nationwide through January 13.
Projected average gas demand in the lower 48 states, would edge higher from 137.1 bcfd to 138 bcfd next week.
Average natural gas output in the lower 48 U.S. states climbed to 110.1 bcfd in December
