Buy Natural Gas Nov 2022 @ 470.00 SL 450.00 TGT 500.00-520.00.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 6888-7376.
Crude oil gains as news of China relaxing some of its stringent coronavirus-induced restrictions lifted the outlook for demand.
Prospects that global oil markets would remain extremely tight continued to lend optimism to bulls.
U.S. crude output and petroleum demand to rise in 2022 – EIA
US EIA cuts 2023 world oil demand growth forecast
SELL CRUDEOIL NOV 2022 @ 7200 SL 7300 TGT 7050-6950.MCX
Natural gas
Natural gas trading range for the day is 433.6-545.6.
Natural gas dropped on forecasts for less cold and heating demand next week than previously expected.
The market also remained hyper focused on rumors that the Freeport LNG export plant in Texas may not return in November
U.S. natgas output, demand to hit record highs in 2022
EIA projected dry gas production will rise to 98.07 billion cubic feet per day (bcfd) in 2022 and 99.69 bcfd in 2023
BUY NAT GAS NOV 2022 @ 470.00 SL 450.00 TGT 500.00-520.00.MCX
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