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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 6383-6667.
Crude oil rose due to ongoing geopolitical tensions in the Middle East.
Crude inventories rose by 4.2 million barrels to 447.2 million barrels in the week ending Feb. 23.
Gasoline stocks fell by 2.8 million barrels in the week to 244.2 million barrels, the EIA said.
Crude oil stocks in the US increased by 8.428 million barrels – API
SELL CRUDEOIL MAR @ 6550 SL 6650 TGT 6450-6350. MCX
Natural Gas
Observation
Naturalgas trading range for the day is 146.1-162.7.
Natural prices rose amid efforts by producers to curb output.
Chesapeake Energy has cut its 2024 production plans by around 30% following a sharp drop in prices to a 3-1/2 year low.
Traders are grappling with a surplus of supply, high storage levels, and weak heating demand.
US utilities pulled 60 billion cubic feet of natural gas from storage
BUY NATURALGAS MAR @ 152 SL 147 TGT 158-161. MCX
