Sell Crude Oil DEC 2022 @ 6450 SL 6550 TGT 6350-6250.MCX - Kedia Advisory
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Crude Oil
Crude oil trading range for the day is 6195-6529.
Crude oil dropped as disappointing Chinese factory data piled onto demand concerns.
U.S. crude stockpiles rise by largest amount since March 2021 – EIA
U.S. shale oil output to keep growing, at snail's pace – EIA
Oil demand growth set to slow but stay robust in 2023 -IEA
SELL CRUDEOIL DEC 2022 @ 6450 SL 6550 TGT 6350-6250.MCX
Natural Gas
Natural gas trading range for the day is 509.3-614.3.
Natural gas jumped on a bigger than expected storage draw, an increase in gas flows to liquefied natural gas (LNG) export plants
Support also seen amid drop in output as extreme cold from North Dakota to Texas caused oil and gas wells to freeze.
EIA said utilities pulled 50 billion cubic feet (bcf) of gas from storage during the week ended Dec. 9
The biggest uncertainty for the market remains when Freeport LNG will restart its LNG export plant in Texas.
SELL NAT GAS DEC 2022 @ 580.00 SL 600.00 TGT 555.00-540.00.MCX
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