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Sell crudeoil feb @ 6360 SL 6450 TGT 6250-6180. MCX- Kedia Advisory
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CRUDE OIL:
Observations:
Crudeoil trading range for the day is 6183-6527.
Crude oil dropped pressured by lacklustre economic activity in China.
U.S. crude stocks and gasoline inventories rose while distillate inventories fell in last week
Russia's Novak says current oil prices are adequate
IEA predicted global consumption to rise by 1.24 million barrels per day (bpd) in 2024.
SELL CRUDEOIL FEB @ 6360 SL 6450 TGT 6250-6180. MCX
NATURAL GAS:
Observations:
Naturalgas trading range for the day is 166.9-185.5. Natural gas gains due to forecasts of a cooler February
Global natural gas demand is set to rise by 2.5% in 2024 versus 2023
IEA expects China’s liquefied natural gas imports to grow by more than 10% from 2023 levels
Gas output in the Lower 48 states has decreased in January but is expected to reach a three-week high.
BUY NATURALGAS FEB @ 174 SL 170 TGT 180-185. MCX
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