Sell Crudeoil Feb @ 6450 SL 6550 TGT 6350-6250. MCX - Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 6339-6543.
Crude oil dropped mainly due to President Trump’s call for lower crude prices.
Trump announced plans to urge Saudi Arabia and OPEC to reduce oil prices, and made moves to boost US production.
Stocks of crude oil in the US fell for a fell for a ninth consecutive week.
Stocks of distillate fuel dropped sharply and stocks of gasoline rose further.
SELL CRUDEOIL FEB @ 6450 SL 6550 TGT 6350-6250. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 322-351.6.
Natural gas climbed on forecasts calling for colder weather over the next two weeks.
US utilities withdrew 233 billion cubic feet of natural gas from storage to 2,896 bcf.
Inventories are 1.9% below the corresponding period of the previous year, but remain 0.7% above the ongoing five-year average.
Meteorologists projected that weather in the Lower 48 states would remain colder than normal through Jan. 27
SELL NATURALGAS JAN @ 345 SL 355 TGT 332-325. MCX
