Sell Crudeoil Sep 2022 @ 7200 SL 7350 TGT 7020-6900.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6989-7295.
Crude oil prices jump as OPEC+ agrees small oil output cut
OPEC+ agrees to cut oil output targets by 100,000 bpd in October
Iranian crude exports and possible recession are downside risks
Money managers cut their net long U.S. crude futures and options positions in the week to August 30, CFTC data.
SELL CRUDEOIL SEP 2022 @ 7200 SL 7350 TGT 7020-6900.MCX
NATURAL GAS
Natural gas trading range for the day is 681.1-727.7.
Natural gas dropped on forecasts for demand to ease as the weather is expected to turn less hot.
Refinitiv projected average U.S. gas demand, including exports, would fall from 96.7 bcfd this week to 93.1 bcfd next week.
The market initially pared gains after a federal report showed U.S. utilities added 61 billion cubic feet (bcf) of gas to storage
The restart delay at the fire-hit Freeport liquefied natural gas (LNG) export plant in Texas, leaves more fuel in the U.S. for utilities to refill storage.
SELL NAT GAS SEP 2022 @ 725.00 SL 750.00 TGT 700.00-685.00.MCX
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