Buy Crude oil Nov 2022 @ 6900 SL 6800 TGT 7080-7220.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6860-7352.
Crude oil gained as prospects of tight global supplies continued to lend optimism to bulls.
A looming European Union ban on Russian crude also exacerbated concerns about tight supplies.
Official data showed that US crude inventories unexpectedly fell by 1.7 million barrels last week.
SPR levels in the US also dropped by 3.6 million barrels to just over 405 million, the lowest since May 1984.
BUY CRUDEOIL NOV 2022 @ 6900 SL 6800 TGT 7080-7220.MCX
NATURAL GAS
Natural gas trading range for the day is 421.8-475.4.
Natural gas fell as record output and reduced LNG exports allowed utilities to keep injecting more gas into storage than usual for weeks.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 99.6 bcfd so far in October
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
BUY NAT GAS OCT 2022 @ 450.00 SL 430.00 TGT 480.00-500.00.MCX
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