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CRUDEOIL

Crude oil trading range for the day is 7165-7601.

Crude oil falls on recession and China COVID fears

World Bank and IMF see rising risks of global recession

OPEC cut spurs U.S. hedging - but against lower oil prices

U.S. crude and petroleum products demand fell in July – EIA

SELL CRUDEOIL OCT 2022 @ 7450 SL 7600 TGT 7280-7200.MCX

NATURAL GAS

Natural gas trading range for the day is 517-564.4.

Natural gas rose on forecasts for higher gas demand over the next two weeks than previously expected, and renewed concerns about a possible rail strike

Also, weighing on gas prices was a drop in demand from power outages due to reduced LNG exports.

Average gas output in the US Lower 48 states rose to 100.1 bcfd so far in October from a record 99.4 bcfd in September

Data provider Refinitiv projected average U.S. gas demand, including exports, would rise from 90.1 bcfd last week to 92.3 bcfd this week

BUY NAT GAS MCXOCT 2022 @ 530.00 SL 515.00 TGT 550.00-565.00.

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