Sell Crudeoil Mar @ 6550 SL 6650 TGT 6450-6350. MCX - Kedia Advisory
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Crude Oil
Observation
Crudeoil trading range for the day is 6426-6710.
Crude oil dropped amid concerns about the outlook for energy demand
Saudi Arabia is to extend voluntary cut of 1 mln b/d until end of 2Q
Russia's deputy PM Novak announces additional voluntary cut of 471,000 BPD for Q2
Money managers raised their net long U.S. crude futures and options positions in the week to February 27
SELL CRUDEOIL MAR @ 6550 SL 6650 TGT 6450-6350. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 148.7-172.5.
Natural gas rose after EQT Corp cut natural gas production by nearly 1bcfd.
EQT announced a nearly 1bcfd reduction in production until March due to persistently low natural gas prices.
Chesapeake Energy cut its 2024 fuel production by around 30% due to recent price drops.
US utilities pulled 96 billion cubic feet of natural gas from storage
BUY NATURALGAS MAR @ 160 SL 155 TGT 165-168. MCX
