Sell Crudeoil Oct 2022 @ 7000 SL 7150 TGT 6800-6700.MCX- Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6647-6977.
Crude oil dropped on fears of hefty interest rate increases that are expected to curb global economic growth.
On the supply side, the market has found some support on dwindling expectations of a return of Iranian crude
Oil prices could also be supported in the fourth quarter by possible OPEC+ production cuts
Oil output in the Permian in Texas and New Mexico, is due to rise 66,000 barrels per day (bpd) to a record 5.413 million bpd in October
SELL CRUDEOIL OCT 2022 @ 7000 SL 7150 TGT 6800-6700.MCX
NATURAL GAS
Natural gas trading range for the day is 600.7-681.1.
Natural gas fell with output holding near a monthly record and as global gas prices eased.
The drop also came on expectations demand would decline when the Cove Point LNG plant in Maryland shuts for a couple weeks
Downside seen limited amid forecasts for warm weather to remain through the end of September
U.S. gas demand has already been reduced for months by the ongoing outage at the Freeport LNG export plant in Texas
BUY NAT GAS SEP 2022 @ 610.00 SL 580.00 TGT 645.00-660.00.MCX
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