Buy Nat Gas Oct2022 @ 540.00 SL 520.00 TGT 570.00-585.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6180-6960.
Crude oil prices rose amid concerns about global supplies as US output slows down following heavy storms in the Mexican Gulf.
Prices were also buoyed by expectations OPEC+ might cut output to support prices, which overcame the impact of higher US crude inventories.
Iraq's oil minister said that OPEC+ is monitoring prices closely and is seeking to rebalance them.
Crude Oil stocks increase by 4.15 million bbl
BUY CRUDEOIL OCT 2022 @ 6580 SL 6460 TGT 6740-6850.MCX
NATURAL GAS
Natural gas trading range for the day is 530-586.8.
Natural gas gained as global oil and gas prices surged and forecasts rose for U.S. gas demand over the next two weeks.
Demand would fall further in October when the Cove Point liquefied natural gas plant in Maryland shuts down for maintenance.
US gas use has already been reduced for months by the ongoing outage at the Freeport LNG export plant in Texas, leaving more gas for US utilities
Average gas output in the U.S. Lower 48 states rose to 98.8 bcfd so far in September from a record 98.0 bcfd in August.
BUY NAT GAS OCT 2022 @ 540.00 SL 520.00 TGT 570.00-585.00.MCX
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