Crudeoil trading range for the day is 6600-6950 - Kedia Advisory
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Crudeoil
Crudeoil trading range for the day is 6600-6950
Crude oil gains amid dollar weakness and concerns over tight supplies.
US crude oil inventories rose by 0.597 million barrels, following two consecutive periods of decline -
EIA EIA to raise its oil price forecast for 2023 by 2.5%.
Stocks of crude oil in the US increased by 0.377 million barrels – API
Naturalgas
Naturalgas trading range for the day is 162.4-189.2
Natural gas dropped on expectations that milder weather reducing heating demand
US natural gas production to hit record high in 2023: EIA
Gas production will increase to 100.87 billion cubic feet per day (bcfd) in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022
EIA said that U.S. power consumption is expected to slip about 1% in 2023 from the previous year
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