Sell Naturalgas Jan @ 318 SL 325 TGT 310-305. MCX - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 6187-6529.
Crude oil prices dropped as a sharp increase in gasoline stockpiles and a stronger dollar weighed.
However, 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.
SELL CRUDEOIL JAN @ 6340 SL 6440 TGT 6240-6140. MCX
Naturalgas
Observations
Naturalgas trading range for the day is 289.1-329.5.
Natural gas climbed on forecasts for more heating demand this week and a continued decline in output
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.
Meteorologists expect colder-than-normal weather to persist across the US through January 21, with the coldest days still ahead.
SELL NATURALGAS JAN @ 318 SL 325 TGT 310-305. MCX
