Buy Crude Oil Dec 2022 @ 5800 SL 5700 TGT 5900-6000.MCX - Kedia Advisory
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Crude Oil
Crude oil trading range for the day is 5733-6111.
Crudeoil dropped on worries over weak economic outlook in China, Europe and the United States weighing on oil demand.
U.S. oil output rises to 12.2 million bpd in latest week – EIA
EIA projected that crude production would rise to 11.87 million barrels per day (bpd) in 2022, compared with its previous estimate of 11.83 million bpd.
U.S. crude stocks fell while gasoline and distillate inventories rose
BUY CRUDEOIL DEC 2022 @ 5800 SL 5700 TGT 5900-6000.MCX
Natural gas trading range for the day is 456.8-553.6.
Natural gas prices rose prompted by forecasts of cold weather from next week.
EIA reported that US production of dry natural gas is set to break an annual record 98.0 Bcf/d in 2022
EIA sees natural gas prices at the US Henry Hub to average $5.62/MMBtu in the first half of 2023.
EIA said U.S. utilities pulled 21 billion cubic feet (bcf)of gas from storage during the week ended Dec. 2
BUY NAT GAS DEC 2022 @ 485.00 SL 470.00 TGT 510.00-525.00.MCX
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