Sell Naturalgas Jan @ 305 SL 310 TGT 295-285. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6232-6470.
Crude oil rose on concerns over tighter Russian and Iranian oil supply due to escalating Western sanctions.
Concerns over supply tightness drove increased demand for Middle Eastern oil
Shandong Port Group ban US-sanctioned oil vessels from its ports is set to put pressure on supply in China.
Support also seen as colder weather in the US and Europe has increased heating oil demand.
BUY CRUDEOIL JAN @ 6340 SL 6260 TGT 6430-6520. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 282.8-330.4.
Natural gas fell on forecasts for less heating demand than previously expected.
Average gas output in the Lower 48 U.S. states has slid to 103.3 bcfd so far in January, down from 103.8 bcfd in December.
LSEG projected total gas use could reach 155.8 bcfd on Jan. 14, which would fall well short of the daily record of 168.4 bcfd on Jan. 16, 2024.
Meteorologists expect colder-than-normal weather to persist across the US through January 21, with the coldest days still ahead.
SELL NATURALGAS JAN @ 305 SL 310 TGT 295-285. MCX
