Buy Crudeoil Nov 2022 @ 6800 SL 6700 TGT 6950-7050.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6564-7218.
Crude oil dropped as fears of economic slowdown and lower Chinese fuel demand offsetting cuts to OPEC+ production quotas.
Output in the Permian Basin of Texas and New Mexico, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd this month
U.S. to release another 10 – 15 mln barrels of oil to balance markets
UAE says OPEC+ output cut was correct decision, no politics behind it
BUY CRUDEOIL NOV 2022 @ 6800 SL 6700 TGT 6950-7050.MCX
NATURAL GAS
Natural gas trading range for the day is 448.9-515.9.
Natural gas dropped on a downwardly revised demand forecast for next week due to milder weather.
Average US gas demand, including exports, is expected to fall to 94.9 bcfd next week, from 100.3 bcfd this week
U.S. Henry Hub natgas price forecasts, 2022 to rise to 14 year high
The U.S. Energy Information Administration (EIA) said utilities added 125 billion cubic feet (bcf) of gas to storage during the week ended Oct. 7.
BUY NAT GAS OCT 2022 @ 465.00 SL 445.00 TGT 495.00-510.00.MCX
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