Sell Crudeoil Feb @ 6300 SL 6400 TGT 6200-6100. MCX -Kedia Advisory
CRUDE OIL:
Observations:
Crudeoil trading range for the day is 6050-6384.
Crude oil gains amid geopolitical tensions, higher forecasts for global oil demand
IEA has raised its 2024 global oil demand growth forecast, predicting a rise in global oil consumption.
U.S. crude stocks fell more than expected, while gasoline and distillate inventories rose.
U.S. oil output from top shale-producing regions is expected to decline in February for the fifth consecutive month
SELL CRUDEOIL FEB @ 6300 SL 6400 TGT 6200-6100. MCX
NATURAL GAS:
Observations:
Naturalgas trading range for the day is 192.9-209.1.
Natural gas fell amid forecasts for decreased demand and increased output.
Utilities pulled 154 bcf of gas out of storage, which was lower than the forecasted decline of 164 bcf.
Gas output in the Lower 48 states decreased in January but is expected to increase in the coming days.
Meteorologists predict that temperatures in will switch from colder than normal to mostly warmer than normal.
BUY NATURALGAS JAN @ 200 SL 196 TGT 205-208. MCX
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