Sell Crudeoil Oct 2022 @ 7150 SL 7250 TGT 7020-6920.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6802-7524.
Crude oil dropped pressured by a weakening demand outlook due to surging inflation, tightening financial conditions, and mounting global recession risks.
U.S. crude stockpiles surge on reserve releases; distillates draw down - EIA
Lackluster demand in top crude importer China as it clings to its zero-Covid policy also weighed on oil prices
Saudi Arabia, United States clash over reason for OPEC+ oil cut
SELL CRUDEOIL OCT 2022 @ 7150 SL 7250 TGT 7020-6920.MCX
NATURAL GAS
Natural gas trading range for the day is 514.9-564.5.
Natural gas slid as record output and reduced LNG exports allowed utilities to inject much bigger than normal amounts of gas into storage.
The U.S. Energy Information Administration (EIA) said utilities added 125 billion cubic feet (bcf) of gas to storage during the week ended Oct. 7.
Wind power produced about 9% of the nation's electricity last week, up from as little as 6% a few weeks earlier, according to federal energy data.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states has risen to 99.9 bcfd so far in October, up from a monthly record of 99.4 bcfd in Septembe
BUY NAT GAS OCT 2022 @ 530.00 SL 515.00 TGT 550.00-565.00.MCX
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