Sell Crudeoil Sep 2022 @ 7100 SL 7250 TGT 6900-6750.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6685-7219.
Crude oil prices continued to find support after latest threat from Russia to choke off oil and gas supplies if price caps are imposed.
Kazakhstan's oil output fell 13% in August vs July
Crude inventories rose by 8.8 million barrels last week – EIA
The number of active U.S. rigs drilling for oil fell by five to 591 this week, after seeing a decline of nine rigs last week.
SELL CRUDEOIL SEP 2022 @ 7100 SL 7250 TGT 6900-6750.MCX
NATURAL GAS
Natural gas trading range for the day is 608.2-692.4.
Natural gas rose on forecasts for warmer weather and higher gas demand in mid to late September.
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
SELL NAT GAS SEP 2022 @ 675.00 SL 695.00 TGT 645.00-635.00.MCX
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