Sell Crudeoil Oct 2022 @ 6900 SL 7050 TGT 6650-6500.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6471-7087.
Crude oil dropped as U.S. crude and fuel stocks rose in the most recent week, as refiners increased processing to rebuild low product inventories.
Crude inventories rose by 1.1 million barrels in the week to Sept. 16 to 430.8 million barrels
OPEC+ supply shortfall now stands at 3.5% of global oil demand
API shows crude, fuel stocks rise
SELL CRUDEOIL OCT 2022 @ 6900 SL 7050 TGT 6650-6500.MCX
NATURAL GAS
Natural gas trading range for the day is 583.4-668.8.
Natural gas jumped on forecasts for stronger U.S. gas demand this week than previously expected and renewed worries about a possible U.S. rail strike.
A rail strike could boost demand for gas by threatening coal supplies to power plants.
Gas prices rose despite 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.
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