SELL CRUDEOIL MAR @ 6040 SL 6140 TGT 5940-5840. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL MAR @ 6040 SL 6140 TGT 5940-5840. MCX
Observations
Crudeoil trading range for the day is 5864-6136.
Crude oil dropped after the US Energy Information Administration reported the largest weekly crude inventory build in three years.
API reported a massive increase in U.S. oil stockpiles of 11.43 mbls in the week ended February 20.
OPEC+ will likely consider raising its oil output by 137,000 bpd for April to end a three-month pause in production increases.
Saudi Arabia has activated a plan for a short-term oil output and export surge in case a U.S. strike on Iran disrupts oil flows from the Middle East.
Natural Gas
BUY NATURAL GAS MAR @ 260 SL 255 TGT 265-270. MCX
Observations
Naturalgas trading range for the day is 253.1-273.1.
Natural gas climbed on near-record flows to LNG export plants and forecasts for more demand next week than previously expected.
Average gas output in the Lower 48 states climbed to 108.7 bcfdso far in February from 106.3 bcfd in January.
Storage was about 6% below normal in mid February, but the deficit to narrow to around 1% after mild weather limited withdrawals.
Natural gas speculators in four major NYMEX, ice markets cut net long position by 19,927 contracts to 124,810 in week to February 17 - CFTC
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