Sell Crudeoil Sep 2022 @ 6800 SL 7000 TGT 6500-6350.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6422-6878.
Crude oil gains as investors weighed on supply concerns against signs of a persistently sharper economic slowdown.
China’s weak economic data and stringent zero-COVID policy continued to add to demand concerns.
The API reported a build this week for crude oil of 3.645 million barrels, while market predicted a draw of 733,000 barrels.
Global oil demand growth will rise by an average of 2.1 mbpd for all of 2022 and by an average of 2 mbpd in 2023, EIA said.
SELL CRUDEOIL SEP 2022 @ 6800 SL 7000 TGT 6500-6350.MCX
NATURAL GAS
Natural gas trading range for the day is 608.2-655.8.
Natural gas edged up on an expected smaller-than- expected storage build last week and forecasts for higher gas demand
The U.S. EIA said utilities added 54 billion cubic feet (bcf) of gas to storage during the week.
U.S. natgas output and demand to hit record highs in 2022 – EIA
EIA projected dry gas production will rise to 97.09 bcfd in 2022 and 100.36 bcfd in 2023
BUY NAT GAS SEP 2022 @ 620.00 SL 600.00 TGT 650.00-670.00.MCX
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