Sell Natural Gas FEB @ 295 SL 300 TGT 290-285. MCX - Kedia Advisory
Crudeoil
SELL CRUDEOIL FEB @ 5750 SL 5850 TGT 5650-5550. MCX
Observations
Crudeoil trading range for the day is 5600-5804.
Crude oil gains after data showed an overall slowdown in U.S. inflation, helping offset supply concerns OPEC estimates India’s crude oil demand to rise steadily while output stays flat.
IEA lowered its forecast for global oil demand growth this year to 850,000 bpd, though this is still higher than last year’s growth of 770,000 bpd.
Away from the Middle East, the Kremlin said that the next round of peace talks on Ukraine will take place next week
Natural Gas
SELL NATURALGAS FEB @ 295 SL 300 TGT 290-285. MCX
Observations
Naturalgas trading range for the day is 276.2-307.
Natural gas eased on forecasts for warmer weather and lower demand over the next two weeks than previously expected.
US energy firms withdrew 249 bcf of natural gas from storage as extreme cold continued to drive strong heating demand.
Average gas output in the Lower 48 states climbed to 107.4 bcfd so far in February, up from 106.3 bcfd in January.
Continued cold last week likely cut inventories down to around 6% below normal during the week ended February 6.
