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CRUDEOIL

Crude oil trading range for the day is 6285-6495.

Crude oil trimmed some of losses seen earlier as surging Covid cases in China stoked fears of even tighter movement restrictions

Investors also weighed a larger-than-expected build in US gasoline stocks, which jumped by 3.058 million barrels last week

Investors remained cautious as OPEC could further intervene in markets to cope with a recession-driven demand downturn.

U.S. crude oil stocks in SPR fall to lowest level since March 1984 – EIA

SELL CRUDEOIL DEC 2022 @ 6500 SL 6600 TGT 6400-6300.MCX

NATURAL GAS

Natural gas trading range for the day is 563.3-616.9.

Natural gas dropped on a smaller-than-expected draw in inventories last week

Further doubts were looming whether or not Freeport LNG will be able to restart operations next month.

Data showed US utilities pulled 80 billion cubic feet (bcf) of gas from storage

Workers at the largest US rail union voted against a tentative contract deal reached in September

SELL NAT GAS NOV 2022 @ 600.00 SL 625.00 TGT 570.00-550.00.MCX

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