Sell Natural gas Jul 2022 @ 510.00 SL 530.00 TGT 480.00-460.00.MCX - Kedia Advisory
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CRUDEOIL
Crude oil trading range for the day is 7277-8355.
Crude oil prices dropped as OPEC forecast that world oil demand will rise further next year, but at a slightly slower rate than in 2022
Pressure also seen as fresh Covid-19 curbs in top importer China and mounting fears of a global economic slowdown weighed on the market
OPEC forecasts world oil demand will grow by 2.7 million bpd in 2023.
OPEC: Oil output rose by 234,000 bpd to 28.72 mln bpd in June.
SELL CRUDEOIL JUL 2022 @ 7800 SL 8000 TGT 7600-7450.MCX
NATURAL GAS
Natural gas trading range for the day is 448.7-564.3.
Natural gas fell as the gas market followed an 8% drop in oil prices.
Texas's power grid operator warned of potential rolling blackouts amid predictions demand would hit all-time highs
Power demand also broke records in the Southwest Power Pool (SPP) and in several parts of the U.S. Southeast over the past week.
Data provider Refinitiv said average gas output in the U.S. Lower 48 states rose to 96.2 bcfd so far in July from 95.3 bcfd in June.
SELL NAT GAS JUL 2022 @ 510.00 SL 530.00 TGT 480.00-460.00.MCX
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