Crudeoil trading range for the day is 5670-5960 - Kedia Advisory
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Crudeoil
Observations
Crudeoil trading range for the day is 5670-5960
Crude oil dropped amid fears of a US economic slowdown
.S. could repurchase oil for the SPR if WTI falls to around $70 a barrel will support prices.
OPEC raises Chinese oil demand growth forecast further
SPR drew down for a sixth straight week, falling 2.9 million barrels last week to 362 million barrels, their lowest since October 1983
Natural gas
Observations
Naturalgas trading range for the day is 172.9-198.5
Natural gas rose due to a decrease in output and projections of higher demand.
Preliminary data showed gas output fell to a three-week low of 100.8 billion cubic feet per day.
Gas demand is expected to increase from 91.3 bcfd this week to 91.6 bcfd next week
The latest EIA report showed a slightly larger-than-expected storage build last week, which was still smaller than usual
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