Sell Crudeoil Oct 2022 @ 6650 SL 6750 TGT 6420-6320.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6314-6868.
Crude oil dropped as pressure seen after survey showed OPEC oil output in Sept hits highest since 2020
Libya, Saudi Arabia, Nigeria lead output increases
OPEC+ oil output cut talks narrow to 0.5-1.0 mln bpd
Markets are also monitoring an escalating energy conflict between the EU and Russia as an EU ban on Russian oil is set to take effect in December.
SELL CRUDEOIL OCT 2022 @ 6650 SL 6750 TGT 6420-6320.MC
NATURAL GAS
Natural gas trading range for the day is 534.6-589.
Natural gas eased on record output and as Hurricane Ian heads for the Carolinas after knocking out power to over 2.6 million customers in Florida.
EIA said utilities added 103 billion cubic feet (bcf) of gas to storage during the week ended Sept. 23.
Demand would fall further in October when the Cove Point liquefied natural gas plant in Maryland shuts down for maintenance.
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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