SELL CRUDEOIL FEB @ 6350 SL 6450 TGT 6250-6180. MCX- Kedia Advisory
CRUDE OIL
SELL CRUDEOIL FEB @ 6350 SL 6450 TGT 6250-6180. MCX
Observations
Crudeoil trading range for the day is 6193-6463.
Crude oil dropped after data showed crude inventories in the U.S. rose.
Concerns about the outlook for oil demand from China continued to weigh on oil prices.
US crude stocks increased for the first time in ten weeks, along with a rise in gasoline inventories.
Kazakhstan to decide on oil output cuts after OPEC+ meeting
NATURAL GAS
SELL NATURALGAS FEB @ 280 SL 288 TGT 272-265. MCX
Observations
Naturalgas trading range for the day is 262-281.2.
Natural gas prices rose as LNG exports are increasing, helped by the restart of Freeport LNG’s Texas facility.
US natgas end – of – season storage to slide to three – year low in March
Average gas output in the Lower 48 U.S. states fell from 103.8 bcfd in December to 102.2 bcfd so far in January.
Meteorologists projected weather in the Lower 48 states would remain mostly warmer than normal through Feb. 13.
