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Sell Crudeoil MAR @ 6780 SL 6880 TGT 6680-6600. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6534-6870.
Crude oil prices rise as revised IEA forecasts suggest tighter market
IEA raises 2024 oil demand growth forecast by 110,000 bpd IEA sees 2024
oil balance in slight deficit from previous surplus Russia expects oil exports to rise due to refinery outages
SELL CRUDEOIL MAR @ 6780 SL 6880 TGT 6680-6600. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 134.7-148.3.
Natural gas gains after data showed that US utilities withdrew 9 bcf from storage.
CNX Resources also announced a reduction in well completions and gas production for the year due to lower prices.
US natgas output to decline in 2024, while demand rises to record high, EIA says EIA projected dry gas production will ease from a record 103.79 bcfd in 2023 to 103.35 bcfd in 2024
BUY NATURALGAS MAR @ 140 SL 136 TGT 145-148. MCX
