Sell Nat Gas Sep 2022 @ 700.00 SL 720.00 TGT 670.00-660.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 6562-7230.
Crude oil dropped as investors weighed a weakening global economic outlook and potential subdued demand against tightening supplies.
However, ongoing supply disruptions from Russia and a conflict between Armenia and Azerbaijan, have been limiting further downside momentum.
U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said.
Crude inventories rose by 2.4 million barrels in the week to Sept. 9 to 429.6 million barrels, compared with expectations for an 833,000-barrel rise.
SELL CRUDEOIL SEP 2022 @ 7000 SL 7150 TGT 6800-6700.MCX
NATURAL GAS
Natural gas trading range for the day is 619.4-750.
Natural gas dropped on a possible deal that would avoid a rail strike
The drop in gas prices also came on expectations output would reach a monthly record in September
Demand would decline when the Cove Point liquefied natural gas (LNG) plant in Maryland shuts for a couple weeks of maintenance in October.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 99.0 bcfd so far in September from a record 98.0 bcfd in August.
SELL NAT GAS SEP 2022 @ 700.00 SL 720.00 TGT 670.00-660.00.MCX
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