Crude oil trading range for the day is 7091-7931 - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7091-7931.
Crude oil rose supported by an OPEC+ decision to make its largest supply cut since 2020 despite concern about recession and rising interest rates.
Output target cuts free capacity that could help in oil crises, OPEC head says
U.S. bill pressuring OPEC+ after oil production cut gains momentum
Saudi Arabia leaves November Arab Light crude OSP to Asia unchanged
SELL CRUDEOIL OCT 2022 @ 7680 SL 7800 TGT 7520-7400.MCX
NATURAL GAS
Natural gas trading range for the day is 545-583.6.
Natural gas fell on record output, continued milder than normal weather and forecasts for less demand this week than previously expected.
Also weighing on gas prices was a drop in demand from power outages due to storms and reduced liquefied natural gas (LNG) exports.
EIA said utilities added a seasonal record of 129 billion cubic feet (bcf) of gas to storage during the week ended Sept. 30.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 100.1 bcfd so far in October from a monthly record of 99.4 bcfd in September
SELL NAT GAS OCT 2022 @ 570.00 SL 590.00 TGT 545.00-535.00.MCX
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