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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 6352-6648.
* Crude oil slipped as concern over China's plan for growth and uncertainty over pace of US rate cuts
* U.S. crude stocks forecast to rise by 2.6 million barrels
* China vows to 'transform' economy, sets growth target
* Major oil producers including Saudi Arabia, Russia, Iraq, and the UAE extended their voluntary oil output cuts into the second quarter.
SELL CRUDEOIL MAR @ 6550 SL 6650 TGT 6450-6350. MCX
Natural Gas
Observation
* Naturalgas trading range for the day is 155.5-164.5.
* Natural gas prices declined due to a decrease in LNG and pipeline exports.
* Forecasts for mild weather predicted to keep heating demand low through mid-March.
*Gas output in the U.S. Lower 48 states fell to an average of 100.3 billion cubic feet per day in March.
* Daily output is expected to drop by around 6.3 billion cubic feet per day to a preliminary six-week low of 98.8 bcfd.
SELL NATURALGAS MAR @ 163 SL 168 TGT 157-152. MCX
