Sell Crudeoil Feb @ 6520 SL 6600 TGT 6420-6350. MCX - Kedia Advisory
Crudeoil
Observations
Crudeoil trading range for the day is 6369-6637.
Crude oil dropped after U.S. President Trump's said that he will ask OPEC nations to reduce oil prices.
US crude inventories increased by 1 million barrels last week, with fuel stockpiles also surging - API
U.S. oil production is poised to set a larger record this year than prior estimates, U.S. EIA said.
India's crude oil imports rose 1.6% year-on-year to 19.99 million metric tons in December, its highest level in four-months.
SELL CRUDEOIL FEB @ 6520 SL 6600 TGT 6420-6350. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 324.2-356.4.
Natural gas eased as a smaller-than-expected weekly storage withdrawal, signaling weaker-than-expected demand.
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 @ 342 SL 350 TGT 332-325. MCX
