Crudeoil trading range for the day is 5270-5720 - Kedia Advisory
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Crudeoil
Crudeoil trading range for the day is 5270-5720
Crude oil fell as uncertainties in financial sector would reduce fuel demand.
US crude oil exports hit record high in 2022, EIA data shows
U.S. crude stockpiles rose while gasoline and distillate inventories fell last week
Goldman Sachs is now expecting Brent to average $94 a barrel in the next 12 months and $97 in the second half of 2024
Naturalgas
Naturalgas trading range for the day is 175-207
Natural gas dropped on forecasts for less cold weather and lower demand
EIA reported a 58 Bcf withdrawal from U.S. natural gas storage, leaving stockpiles at 1,972 Bcf
U.S. natural gas production will rise to a record high in 2023 while demand will fall, the EIA said.
Refinitiv forecast U.S. gas demand, including exports, would slide from 120.5 bcfd this week to 117.8 bcfd next week.
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