Buy Nat Gas Sep 2022 @ 610.00 Sl 590.00 Tgt 640.00-660.00.Mcx - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6305-7187.
Crude oil dropped amid persistent concerns about slowing global growth and consequently sluggish demand.
Weak economic data from China amid its stringent zero-COVID policy has also added to demand woes
China's August crude oil imports drop on lower refinery runs
Russian President Putin threatened to halt all oil and gas supplies if price caps are imposed on Russia's energy resources.
SELL CRUDEOIL SEP 2022 @ 6800 SL 7000 TGT 6500-6350.MCX
NATURAL GAS
Natural gas trading range for the day is 595.7-681.7.
Natural gas dropped as output soared to a record high over the weekend and on forecasts for lower demand next week than previously expected
Pressure also seen dragged down by a downwardly revised demand forecast for next week and as domestic supplies continue to break records.
Average gas output in the US Lower 48 states rose to 99.7 bcfd so far in September from a record 98.0 bcfd in August
Average US gas demand, including exports, is expected to fall to 92.3 bcfd next week from 96.8 bcfd this week
BUY NAT GAS SEP 2022 @ 610.00 SL 590.00 TGT 640.00-660.00.MCX
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