Sell Crudeoil Dec 2022 @ 6500 SL 6600 TGT 6400-6300.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6285-6495.
Crude oil trimmed some of losses seen earlier as surging Covid cases in China stoked fears of even tighter movement restrictions
Investors also weighed a larger-than-expected build in US gasoline stocks, which jumped by 3.058 million barrels last week
Investors remained cautious as OPEC could further intervene in markets to cope with a recession-driven demand downturn.
U.S. crude oil stocks in SPR fall to lowest level since March 1984 – EIA
SELL CRUDEOIL DEC 2022 @ 6500 SL 6600 TGT 6400-6300.MCX
NATURAL GAS
Natural gas trading range for the day is 563.3-616.9.
Natural gas dropped on a smaller-than-expected draw in inventories last week
Further doubts were looming whether or not Freeport LNG will be able to restart operations next month.
Data showed US utilities pulled 80 billion cubic feet (bcf) of gas from storage
Workers at the largest US rail union voted against a tentative contract deal reached in September
SELL NAT GAS NOV 2022 @ 600.00 SL 625.00 TGT 570.00-550.00.MCX
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