Sell Crudeoil Feb @ 5680 SL 5780 TGT 5580-5480. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL FEB @ 5680 SL 5780 TGT 5580-5480. MCX
Observations
Crudeoil trading range for the day is 5485-5897.
Crude oil dropped as oil production at Kazakhstan's giant Tengiz oil field is gradually increasing after an outage in January.
Pressure also seen amid easing geopolitical tensions in Iran and Russia.
OPEC is leaning towards a resumption in oil output increases from April.
Investors gauge risk of supply disruption following Iranian drills near Strait of Hormuz
Natural Gas
BUY NATURALGAS FEB @ 270 SL 265 TGT 275-280. MCX
Observations
Naturalgas trading range for the day is 265.2-293.
Natural gas slumped as forecasts for warmer weather reduced expectations for heating demand.
Central and southern areas of the US are anticipated to see above-average temperatures over the coming two weeks.
US working gas inventories are roughly 130 bcf below the five-year average, while LNG exports continue near record levels.
Average gas output in the Lower 48 states climbed to 107.8 bcfd so far in February, up from 106.3 bcfd in January.
