Crude oil trading range for the day is 6609-7361 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6609-7361.
Crude oil prices fell on demand fears as disappointing Chinese economic data renewed global recession concerns.
EIA: In September, US oil output from key shale locations is expected to reach its highest level since March 2020.
EIA: US total shale regions oil production for September seen up about 673,000 bpd at 93.835 mln bpd.
US Permian basin oil production for September seen up 167,000 bpd at 20.584 mln bpd - EIA Projection
SELL CRUDEOIL AUG 2022 @ 6900 SL 7000 TGT 6750-6650.MCX
NATURAL GAS
Natural gas trading range for the day is 682.2-764.6.
Natural gas jumped on record global gas prices, a drop in daily U.S. output, a heat wave in California and forecasts for more hot weather
Average gas output in the U.S. Lower 48 states rose to 97.4 bcfd so far in August from a record 96.7 bcfd in July
U.S. natgas output to hit record highs in 2022 – EIA
Gas speculators boosted their net short futures and options positions for a third week in a row to the most since March 2020
BUY NAT GAS AUG 2022 @ 710.00 SL 685.00 TGT 745.00-760.00
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