Sell Crudeoil S @ 6580 SL 6680 TGT 6480-6380. MCX - Kedia Advisory
CRUDE OIL
Observation
Crudeoil trading range for the day is 6368-6626.
Crude oil gains after report showed a smaller-than-expected storage build.
Crude oil inventories in the US rose by 3.514 million barrels in the week ending February 16, 2024
U.S. refiner net crude oil input fell last week to the lowest since December 2022, EIA data showed.
U.S. crude stocks rose 7.17 million barrels in the week ended Feb. 16 - API
SELL CRUDEOIL S @ 6580 SL 6680 TGT 6480-6380. MCX
NATURAL GAS
Observations
Naturalgas trading range for the day is 142.1-159.5.
Natural gas dropped due to lower heating demand and consistent output levels.
US natural gas prices hit their lowest since June 2020 at $1.522/MMBtu, driven by near-record production.
US utilities pulled 60 billion cubic feet of natural gas from storage
Chesapeake Energy slashed its 2024 gas production projections by about 20% by scaling back capital expenses.
BUY NATURALGAS S @ 145 SL 140 TGT 150-155. MCX
