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Commodities
Views on Crude Oil - Feb 22, 2022 - Reliance Securities
Posted On : 2022-02-22 09:59:25( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International Brent Crude prices rose on Monday as the stand-off between Russia and the West over Ukraine escalated, adding to supply concerns.
Domestic crude oil and Energy Index futures also ended higher tracking overseas prices.
Tension escalated further after the Kremlin announced Putin would sign a declaration recognizing two breakaway regions in eastern Ukraine as independent. The EU warned it would consider sanctions if the regions are recognized as independent.
U.S. markets were closed on Monday for the Presidents Day holiday.
French President Emmanuel Macron said that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine, but the Kremlin said there were no immediate plans.
Ministers of Arab oil-producing countries said last week that OPEC+ should stick to its current agreement to add 400,000 barrels per day of oil output each month, rejecting calls to pump more to ease pressure on prices.
International oil prices have started stronger this early Tuesday morning in Asian trade as Russia orders troops to Ukraine.
Technically, if Brent April trades below $95.10 level, it could continue its bullish momentum up to the resistance zone at $97.65-$99.95. A trade below could pull prices to the support zone at $92.85-$90.30.
Domestic crude oil prices could start solidly higher this early Tuesday morning, tracking a positive start in the international prices.
Technically, if MCX Crude Oil March contract trades above 6820 level, it could continue its bullish momentum up to the resistance zone at 6965-7065. A trade below could pull prices to the support zone at 6720-6570.
U.S. markets were closed on Monday for the Presidents Day holiday.
Indian Natural Gas (NG) prices ended with gains on Monday.
International Natural Gas (NG) prices have started higher this early Tuesday morning in Asian trade amid the onset of extremely cold temperatures in key demand areas in the U.S., worries about tight U.S. supplies and a bullish outlook for global (LNG).
Technically, if NG March contract trade below $4.885 level, it could witness a bullish momentum up to the resistance zone at $5.086-$5.430. A trade below could pull prices to the support zone at $4.480-$4.390.
Domestic NG prices could start higher this early Tuesday morning tracking a positive start in the overseas prices.
Technically, if MCX NG March contract trades below 354.00 level, it could witness a bullish momentum up to the resistance zone at 365.15-374.55. A trade below could pull prices to the support zone at 344.65-333.55.
