Sell Crudeoil Nov 2022 @ 7550 SL 7650 TGT 7420-7320.MCX - Kedia Advisory
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Crude oil
Crude oil trading range for the day is 7248-7746.
Crude oil prices rose as the dollar eased, with an EU ban on Russian oil looming large supported prices.
China could relax its coronavirus-induced restrictions in the coming months lifted the outlook for demand.
On top of that, prospects that global oil markets would remain extremely tight continued to lend optimism to bulls
U.S. crude oil exports to Asia poised to hit record high
SELL CRUDEOIL NOV 2022 @ 7550 SL 7650 TGT 7420-7320.MCX
Natural gas
Natural gas trading range for the day is 472.7-545.5.
Natural gas jumped on forecasts for much colder weather and higher heating demand in mid-November than previously expected.
Also gained support from a drop in output so far this month and expectations the Freeport LNG export plant in Texas would return to service soon
Freeport LNG expects its 2.1-billion-cubic-feet-per-day (bcfd) export plant to return to at least partial service in early to mid-November
Average gas output in the U.S. Lower 48 states fell to 97.8 bcfd so far in November, down from a record 99.4 bcfd in October.
BUY NAT GAS NOV 2022 @ 525.00 SL 510.00 TGT 550.00-560.00.MCX
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