Outlook on Crude oil, natural gas by Bhavik Patel of Tradebulls Securities

Crude oil bulls look exhausted

Expectation from the US Fed meet was very low and the event passed without any fanfare as the Fed sang the same tune that interest rates are expected to remain low and Covid-19 is making economy vulnerable. Bargain hunting once again was evident as Gold bulls stepped in around $1,905 when gold fell from $1,934 to $1,905 in relative short period and then gold recovered back to $1,950. Gold continues to look positive although we expect some profit booking at current levels but overall fundamentals remain bullish because of the rise in Covid-19 infections and new shutdowns, depreciating the US