Buy Crude Oil Oct 2022 @ 7160 SL 7050 TGT 7320-7400.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7085-7377.
Crude oil prices rose after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 mbpd.
OPEC+ agrees deep oil production cuts, Biden calls it shortsighted
U.S. crude and fuel stockpiles down last week - EIA
U.S. crude by rail shipments fell by 102,000 bpd in July – EIA
BUY CRUDEOIL OCT 2022 @ 7160 SL 7050 TGT 7320-7400.MCX
NATURAL GAS
Natural gas trading range for the day is 553.3-604.1.
Natural gas rose on forecasts for higher demand next week than previously expected.
Keeping a lid on prices were record levels of domestic output and a recent cut in gas demand from hurricane-induced power outages.
The latest EIA report showed a bigger-than-expected storage build last week, with US utilities adding 129 billion cubic feet (bcf) of gas to storage
U.S. natural gas storage is expected to end the April-October injection season at 3.431 trillion cubic feet (tcf) on Oct. 31, the lowest since 2018.
SELL NAT GAS OCT 2022 @ 590.00 SL 610.00 TGT 560.00-540.00.MCX
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