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Crudeoil trading range for the day is 5340-5900 - Kedia Advisory
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Observations
Crude oil
Crudeoil trading range for the day is 5340-5900
Crude oil prices gains as Saudi, Russia meeting calms markets U.S. crude stockpiles build more than expected
OPEC raised its forecast for Chinese oil demand growth in 2023 in light of the country's exit from the zero-Covid policy.
Saudi Arabia energy minister said OPEC+ would stick to production cuts agreed upon in October until the year's end.
Natural gas
Observations
Natural gas trading range for the day is 199.4-216.8
Natural gas gains as gas flows to LNG export facilities approach record levels US natural gas stocks fall less than expected: EIA
Average US gas demand, is expected to fall to 120.0 bcfd next week from 120.8 bcfd this week due to milder weather.
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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