SELL CRUDEOIL MAR @ 7360 SL 7460 TGT 7260-7160. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL MAR @ 7360 SL 7460 TGT 7260-7160. MCX
Observations
Crudeoil trading range for the day is 6707-7657.
Crude oil gains as the Middle East conflict disrupts global oil supplies.
Iraq has decreased oil production from the Rumaila oil field by 700,000 bpd
Saudi crude exports via east-west pipeline hit record pace, tanker repositioning underway
Goldman Sachs raises Q2 oil price forecast by $10 to $76/bbl
Natural Gas
SELL NATURALGAS MAR @ 278 SL 283 TGT 272-267. MCX
Observations
Naturalgas trading range for the day is 265.2-281.6.
Natural gas jumped on near-record LNG exports
Support also seen amid a rise in global energy prices amid supply disruptions as U.S.-Israeli air war against Iran widened. QatarEnergy has declared force majeure on shipments ofLNG, after attacks on its production facilities
Average gas output in the Lower 48 states has held at 109.5 billion cubic feet per day (bcfd) so far in March.
