Crude oil slips as recession fears loom over economic data - Kedia Advisory
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Crude Oil
Observations
Crudeoil trading range for the day is 6510-6830
Crude oil slips as recession fears loom over economic data
Russia forecasts stable oil output to 2025, to set up stockpiles
Oil stocks rise unexpectedly on SPR release, weak exports
Crude inventories rose by 597,000 barrels in the last week to470.5 million barrels
Natural Gas
Observations
Naturalgas trading range for the day is 171.9-198.3
Natural gas rose helped by forecasts for colder weather thanpreviously expected.
US utilities put a near-normal 25 bcf of gas into storage lastweek, compared with a five-year average rise of 28 bcf
Natural gas inventories have risen, and the EIA projects them toremain above average through the summer
US natural gas exports will likely average around 12 Bcf/d in2023, up 14% from last year
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