Sell Crudeoil Feb @ 6450 SL 6550 TGT 6350-6250. MCX - Kedia Advisory
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Crude Oil
Observations:
Crudeoil trading range for the day is 6328-6598.
Crude oil dropped after a surge of over 12 million barrels in US crude oil stocks
Industry report showed a sharp decline in U.S. fuel stockpiles amid a refinery outage.
World oil demand will rise by 2.25 mbpd in 2024 and by 1.85 million bpd in 2025 - OPEC
Iraq committed to OPEC, will not produce more than 4 mln bpd -minister
SELL CRUDEOIL FEB @ 6450 SL 6550 TGT 6350-6250. MCX
Naturalgas
Observations:
Naturalgas trading range for the day is 131.6-154.4.
Natural gas dropped due to the combination of augmented production levels and subdued demand.
Data showed storage levels remain 10.6% higher than the seasonal average.
Gas output in the U.S. Lower 48 states rose to an average of 105.8 bcfd so far in February, up from 102.1 bcfd in January
Meteorologists projected the weather in the Lower 48 states would turn from warmer than normal now to colder than normal
BUY NATURALGAS FEB @ 132 SL 128 TGT 136-140. MCX
