Sell Crudeoil Oct 2022 @ 7700 SL 7820 TGT 7550-7450.MCX - kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7447-7787
Crude oil prices fell as weak service sector data from China coupled with news of lockdowns in parts of the country fueled concerns about demand.
China releases first batch of 2023 crude oil import quotas
The OPEC+ cuts, which come ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market.
Russia's Novorossiisk October oil exports set to rise 5.7% from Sept
SELL CRUDEOIL OCT 2022 @ 7700 SL 7820 TGT 7550-7450.MCX
NATURAL GAS
Natural gas trading range for the day is 518.2-582.4.
Natural gas fell on record output, continued milder than normal weather and forecasts for less demand this week than previously expected.
Also weighing on gas prices was a drop in demand from power outages due to storms and reduced liquefied natural gas (LNG) exports.
EIA said utilities added a seasonal record of 129 billion cubic feet (bcf) of gas to storage during the week ended Sept. 30.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 100.1 bcfd so far in October from a monthly record of 99.4 bcfd in September.
BUY NAT GAS OCT 2022 @ 530.00 SL 515.00 TGT 550.00-565.00.MCX
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