Sell Crudeoil Oct 2022 @ 6500 SL 6650 TGT 6250-6150.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6114-6690.
Crude oil prices fell driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession.
APPEC – Oil stocks to rise on slower demand, OPEC cuts needed to bolster prices
A report from Baker Hughes said the number of oil rigs in the U.S. increased by three to 602 in the week ending September 23.
Money managers have increased their bullish Brent and WTI oil bets by 7,537 combined net-long positions to 349,866
SELL CRUDEOIL OCT 2022 @ 6500 SL 6650 TGT 6250-6150.M
NATURAL GAS
Natural gas trading range for the day is 518.8-589.2.
Natural gas closed up despite forecasts for milder weather that sent them down early in the session to their lowest since July 15.
The U.S. Energy Information Administration (EIA) said utilities added 103 billion cubic feet (bcf) of gas to storage during the week ended Sept. 16.
Pressure also seen amid expectations gas demand would decline next month when the Cove Point LNG plant shuts for a couple weeks of maintenance in October.
Average gas output in the U.S. Lower 48 states rose to 98.8 bcfd so far in September from a record 98.0 bcfd in August.
BUY NAT GAS SEP 2022 @ 540.00 SL 520.00 TGT 570.00-585.00.MCX
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