12/25/2012 Holiday Update:
All of us here at CrudeSquawk would like to take a moment to wish everyone a safe and happy Holiday Season. We will be resuming our normal broadcast schedule on January 2nd 2013!
Tuesday, December 25, 2012
Thursday, December 20, 2012
12/20/2012 Update:
Wednesdays Crude Pit Session:
High: 90.33
Low: 88.65
Settle:
90.00
Looking
ahead to today’s crude pit session:
Crude oil
prices pushed up to new highs after yesterdays DOE inventory levels came in
close to the expected .09m barrel draw. (Actual
1.0m) making pit session highs at 90.33 and settling at 90.00. With continued downward pressure on the
dollar we could possibly see oil trader’s push prices up into the 91-92
handle. However, we may chop around this area today ahead Washington’s
vote on John Boehner’s plan to raise taxes on incomes over 1 million in an
attempt to avoid the fiscal cliff.
Levels:
Support: 90.00,
89.40, 89.00, 88.65, 88.47, 88.27, 88.00, 87.34, 85.28
Resistance: 90.33, 90.53, 90.90, 91.46, 92.00, 92.50,
93.00, 93.52
Wednesdays Natural Gas Pit Session:
High: 3.356
Low: 3.284
Close / Settle:
3.321
Today’s
Natural Gas pit session:
Natural gas
continued to trade lower yesterday after gapping down in the previous overnight
session. Analyst are forecasting a -73
BCU draw in inventories due out at 1030am today. If this number comes in lower we may see
traders push prices back to the top of the range. However, any type of build in inventories may
continue to push prices to the downside. Traders are looking to 3.260 and 3.200
as major levels of support.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.347, 3.321,
3.284, 3.260, 3.200
Resistance: 3.397,
3.411, 3.450, 3.477, 3.500
Wednesday, December 19, 2012
12/19/2012 Update:
Tuesday’s Crude Pit Session:
High: 88.63
Low: 87.68
Settle: 88.35
Looking ahead to today’s crude pit session:
Last night’s API report shows that crude oil inventories were down -4.1M barrels, gasoline supplies up +4.2M barrels and distillates, including diesel fuel and heating oil were also down -4.2M barrels. Today’s 1030am DOE inventory report is forecasting a -900,000M barrel draw in crude oil inventories and a build in gasoline and in distillate supplies. Using last night’s API report as a leading indicator, we may see Crude DOE inventories come in lower than forecasted possibly putting upward pressure on Crude oil prices as have already seen in last night’s Globex session.
Levels:
Support: 88.63, 88.53, 88.21, 87.79, 87.60, 87.26, 87.26
Resistance: 89.16, 89.50, 90.00, 90.11, 90.61, 91.00
Tuesdays’s Natural Gas Pit Session:
High: 3.450
Low: 3.372
Close / Settle: 3.415
Today’s Natural Gas pit session:
We saw natural gas traders sell the 3.450 level pretty heavy yesterday making session lows at 3.372. This may be a bearish indication that prices will continue to fall. However, we are seeing some weather patterns forming in the USA that may put upward pressure on prices ahead of tomorrow’s 1030am inventory number.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.334, 3.317, 3.288, 3.278
Resistance: 3.345, 3.372, 3.392, 3.450
Tuesday, December 18, 2012
12/18/2012 Update:
Mondays Crude Pit Session:
(jan)
High: 87.71
Low: 87.13
Settle:
86.70
Looking
ahead to today’s crude pit session:
Although we
saw crude oil prices trade at its highest since Early December we saw little
participation from the pits as many traders and locals have closed out there
books for the year. (1,451 in open
outcry volume) We do expect to see better volume today as we roll to the February
front month and it appears that Washington is getting closer to making a fiscal
cliff deal. However, we do not expect to
see crude oil traders push us out of this 85.00-90.00 range for the rest of the
year. We will be keeping a close eye on Multiple
Market Divergence with Heating Oil and RBOB as well as preparing for API
numbers due out tonight ahead of tomorrow’s DOE inventory numbers that are
currently forecasting a draw of 900,000 barrels.
Levels: (Feb)
Support:
88.13, 87.67, 87.15, 87.00, 86.70
Resistance: 88.30, 88.65, 89.00, 89.63, 90.00
Monday, December 17, 2012
12/17/2012 Update:
Fridays’ Crude Pit Session:
High: 86.88
Low: 86.05
Settle:
86.75
Looking
ahead to today’s crude pit session:
Crude oil
traded in a very tight .88 cent range during Fridays pit session as Jan options
expired. We did see crude push up into the
87 during the Globex session with the release of better than expected economic
data out of China and ongoing supply concerns out of the Middle East. We are expecting to see crude chop in a
tight range today as Crude Oil Traders wrap up their year and/or sit on the
side lines waiting for news out of Washington regarding the Fiscal Cliff.
Levels:
Support:
86.50, 86.12, 86.05, 85.50, 85,00, 84.50
Resistance: 86.72, 86.92, 87.00, 87.18, 87.88, 88.00,
89.00
Friday, December 14, 2012
12/14/2012 Update:
Thursday’s Crude Pit Session:
High: 86.97
Low: 85.91
Settle: 85.90
Looking ahead to today’s crude pit session:
We saw very low volume traded during Thursdays pit session, with only 4,829 open outcry total contracts traded. Although we saw Dollar future trade up almost 100 points, crude only traded within a 1.16 range. Crude Oil traders moved the market based solely on supply and demand on the heels of yesterdays FOMC decision. We did see 500 Feb 90 Puts and over 500 Feb 80-8150 Puts traded in the options pits. The trade of the day in the options pit was the Jan 85.50 to 87.50 straddle as energy traders prepared for options to expire at the end of Globex Trading Session. Traders will be keeping a close eye on news out of Washington regarding the fiscal cliff that continues to threaten economic growth and fuel demand.
Levels:
Support: 86.14, 86.00, 85.91, 85.28, 84.12
Resistance: 86.97, 87.07, 87.60, 87.68, 88.76
Thursday, December 13, 2012
12/13/2012 Update:
Wendsday’s Crude Pit Session:
High: 87.69
Low: 86.06
Settle:
86.79
Looking
ahead to today’s crude pit session:
We saw crude
oil prices rise and make weekly highs despite the DOE reporting a higher than
expected build in Crude +.08M, Gasoline +5.0M and Distillates +3.3 million barrels. OPEC also announces that it would keep oil production
target unchanged at 30 million barrels per day.
Crude oil traders would normally react bearishly to builds in inventory
and production reports, however, the FOMC announced it was continuing and
expanding its monetary stimulus driving prices to the highs at 87.69. This bullish push was short lived as
lawmakers announced there were “some serious differences” between Republicans
and Democrats on how to avoid the looming fiscal cliff that threatens to slow
economic growth and fuel demand. We
will need to keep a close eye on news out of Washington today on this issue as
well as our 830 unemployment claims forecasted at 368K.
Levels:
Support:
86.06, 85.78, 85.22, 84.50, 83.60
Resistance: 86.84, 87.69, 88.46, 90.08
Wendsdays’s Natural Gas Pit
Session:
High: 3.439
Low: 3.366
Close / Settle:
3.384
Today’s
Natural Gas pit session:
Natural gas traded in a relatively tight range yesterday ahead
of today inventory report which is forecasting a -4 BCF draw. We will need to keep a close eye on this
inventory actual number to determine if traders will continue pushing prices
lower to our major next major area of support at the 3.350 and 3.200 levels.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.366, 3.350,
3.335, 3.200
Resistance: 3.396,
3.425, 3.439, 3.458
Wednesday, December 12, 2012
12/12/2012 Update:
Tuesday’s Crude Pit Session:
High: 85.95
Low: 85.21
Settle: 85.76
Looking ahead to today’s crude pit session:
Last night’s API report shows that crude oil inventories were up 4.3M barrels, gasoline supplies up +2.8M barrels and distillates, including diesel fuel and heating oil also increased by 2.2M barrels. Today’s 1030am DOE inventory report is forecasting a -2.6m barrel draw in crude oil inventories and a rise in gasoline and distillate supplies. Using last night’s API report as a leading indicator, we may see Crude DOE inventories come in higher than the forecasted possibly putting downward pressure on crude oil prices. We also need to keep a close eye on today’s OPEC meeting in Vienna as any changes in output production may dramatically impact crude oil prices.
Levels:
Support: 86.07, 85.78, 85.64 85.33, 85.21, 84.90, 84.50, 84.16
Resistance: 86.37, 87.12, 87.64, 88.00, 88.50, 89.00
Tuesdays’s Natural Gas Pit Session:
High: 3.473
Low: 3.931
Close / Settle: 3.410
Today’s Natural Gas pit session:
We closed and settled yesterday again below the key 3.520 support area. We also failed to break Mondays pit session highs of 3.473. This is a bearish indication that natural gas prices may continue to fall ahead of tomorrow’s inventory report which is forecasting a -4 BCF draw. Traders are looking at the 3.350 and 3.200 to be our nest major levels of support.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.391, 3.350, 3.335, 3.200
Resistance: 3.428, 3.451, 3.473, 3.486, 3.509
Tuesday, December 11, 2012
12/11/2012 Update:
Monday’s Crude Pit Session:
High: 86.65
Low: 85.33
Settle:
85.59
Looking
ahead to today’s crude pit session:
We saw crude
oil prices chop in a very tight range yesterday until finally falling to the
85.33 support level. We need to keep a
close eye on tonight’s API report to give us some insight into tomorrow’s
1030am DOE inventory report which is forecasting a -2.6M barrel draw. A larger than expected draw combined with
increased factory production in China and positive economic news out Germany
may push prices higher. We may
see Crude oil continue to trade in its current range today ahead of this DOE
Report or unless we hear news out of Washington regarding the fiscal cliff. Crude oil traders are still looking at 84 to
84.50 to be our major support area.
We will also be keeping a close eye on OPEC meeting in
Vienna, Austria and this week’s FOMC meetings
Tune in this
morning to hear a full analysis and pit commentary.
Levels:
Support:
85.86, 85.59, 85.33, 85.00, 84.54
Resistance: 86.38, 86.65, 86.78, 87.18, 88.00, 88.50
Monday’s Natural Gas Pit
Session:
High: 3.473
Low: 3.415
Close / Settle:
3.464
Today’s
Natural Gas pit session:
We closed and settled yesterday below the key 3.520 support
area. This could be a bearish indication
that energy traders will continue to push prices down to the next major support
areas at the 3.350 and 3.200 levels. This
overall bearish sentiment is being driven by high inventory levels combined with
warmer than usual weather patterns in the US.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.454, 3.415 3.389, 3.350, 3.200
Resistance: 3.494,
3.504, 3.559, 3.664
Monday, December 10, 2012
12/10/2012 Update:
Fridays Crude Pit Session:
High: 86.74
Low: 85.88
Settle:
85.83
Looking
ahead to today’s crude pit session:
On Friday we saw Crude oil prices trade sideways after
non-farm unemployment figures came out a touch higher than expected. In the week ahead, we may see Crude oil
continue to trade in its current range and/or chop around this area. Unless we hear news out of Washington
regarding the fiscal cliff we are not anticipating any large moves in
prices. Crude oil traders are still looking
at 84 to 84.50 to be our major support area.
We will also be keeping a close eye mind on this week’s OPEC meeting in
Vienna, Austria.
On the fundamental side of crude: we have to keep our eye on the heating oil as
prices may decline. This is due to
lesser then expected jet fuel buying and increasing inventories. That said, we will be keeping a close eye on
the swap spreads for both heating oil and crude.
Levels:
Support:
86.16, 85.70, 85.50, 84.50
Resistance: 86.92, 87.10, 88.57, 89.00
Fridays Natural Gas Pit Session:
High: 3.684
Low: 3.546
Close / Settle:
3.550
Today’s
Natural Gas pit session:
Natural Gas has been
continuing to pull back off the lower 4 dollar handle for the last few weeks. Our next major level of support is 3.520. A
close and settle below this 3.520 support level will confirm a possible move
down to the 3.350 and 3.200 support areas.
Traders are expecting to see some type of retrace once these levels are
hit and then natural gas prices to possibly push lower. This
overall bearish sentiment is due to high inventory levels combined with last
weeks’ news that we may experience warmer than usual weather patterns in the US
this winter.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.520, 3.444 3.350, 3.250
Resistance: 3.590,
3.640, 3.735, 3.870
Friday, December 7, 2012
12/7/2012 Update:
Thursdays Crude Pit Session:
High: 87.09
Low: 85.68
Settle: 86.22
Looking ahead to today’s crude pit session:
We watched crude oil prices dip in into the 85 handle making pit session lows at 85.68. A weaker than expected job number today could continue to fuel this push down. Poor economic data out of Europe regarding Germanys weaker than expected industrial numbers report and an earthquake in Japan further raise crude oil traders concerns that demand will decline and stockpiles may increase. Additionally, we need to keep a close eye on geopolitical news out of Syria, Turkey and the Middle East as any escalation of unrest in these regions could impact prices.
Levels:
Support: 85.68, 85.38, 85.00, 84.50, 84.26, 84.00, 81.71
Resistance: 86.00, 86.81, 87.00, 87.50, 87.93, 88.23, 89.23
Thurdays Natural Gas Pit Session:
High: 3.748
Low: 3.614
Close / Settle: 3.659
Today’s Natural Gas pit session:
Looking back at yesterday’s pit session for Natural Gas we saw a wide trading range off of inventory numbers with a greater than expected draw of -73BCF, analyst were forecasting a draw of -63BCF to -70BCF. For a historical perspective, the 5 year inventory level was at a draw of 51BCF compared to the last years draw of 14BCF, so we can see storage levels are lower. We can possibly see Natural Gas prices trade lower because of a weather forecast that came out earlier this week from the national weather service forecasting warmer than expected weather across the United States.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.612, 3.586, 3.530
Resistance: 3.750, 3.825, 3.916
Thursday, December 6, 2012
12/6/2012 Update:
Wendsdays Crude Pit Session:
High: 88.57
Low: 87.46
Settle:
87.87
Looking
ahead to today’s crude pit session:
Despite yesterday’s
DOE inventory numbers coming in with a larger draw than forecasted (-2.4m vs
-400k) we saw crude oil prices continue to fall as a result of a surge in RBOB
and Heating Oil stockpiles. This push down was further fueled as news
that Democrats and Republicans talks to avert the looming fiscal cliff are
breaking down. An open below yesterdays pit
session low of 87.46 could be a bearish indication that crude oil traders may
continue to push prices down; otherwise we could see prices chop today. Additionally,
we need to keep a close eye on geopolitical news out of Syria, Turkey and the
Middle East as any escalation of unrest in these regions could impact prices.
Tune in this
morning to hear a full analysis and pit commentary.
Levels:
Support: 87.46,
87.36, 87.00, 86.86, 86.00, 85.75, 85.00, 84.50
Resistance: 87.97,
88.50, 89.05, 89.50, 90.00, 90.19, 91.00
Wednesday, December 5, 2012
12/5/2012 Update:
Tuesdays Crude Pit Session:
High: 88.88
Low: 87.57
Settle: 88.57
Looking
ahead to today’s crude pit session:
Crude made
pit session session lows of 87.57 yesterday and then rebounded to overnight
highs of 89.05. The rebound came as we continued to see
downward pressure on the dollar and the API reported a negative -2.2 million barrel
draw in inventories. Additionally, other
analysts forecasted a -1.25 million barrel decline. DOE inventories are due out today at
1030am. They are currently forecasting a
negative -400k barrel draw in inventories. If the DOE number is released with a larger
draw than the -400K forecast as the API reports and analysts indicate, then we
can expect to see crude oil traders possibly push prices higher. Positive news that the Euro zone is making
progress solving their sovereign debt crises and the US is possibly making
progress in avoiding the fiscal cliff could also help fuel a rise in prices
Levels:
Support: 88.57,
88.46, 87.98, 87.57, 87.09, 87.00, 86.50
Resistance:
89.00, 89.18, 89.35, 89.83, 91.00, 91.20, 82.00
Tuesday, December 4, 2012
12/4/2012 Update:
Mondays Crude Pit Session:
High: 90.33
Low: 88.75
Settle:
89.05
Looking
ahead to today’s crude pit session:
We saw crude
trade within a 1.58 range Monday settling at 89.05 failing to hold above the 90.00
level. We continued to see crude oil
traders push price lower during last night’s London session making overnight
lows at 88.19. We are going to need to
keep a close eye on tonight’s API inventory report to get an idea if we may
actually see -400k barrel draw in tomorrow’s DOE inventories report. As a larger than expected draw in inventories
could push crude oil prices back up and a build will continue pressure the
downside.
Levels:
Support: 88.00,
87.80, 87.50, 87.00, 86.22, 86.00
Resistance:
88.60, 89.00, 89.35, 89.50, 90.00, 90.33, 90.96, 91.50, 92.54
Mondays Natural Gas Pit Session:
High: 3.631
Low: 3.563
Close /
Settle: 3.593
Looking
ahead to today’s Natural Gas pit session:
Natural gas retraced
to the 3.631 level after breaking below the 3.600 level on Friday. Then we watched traders push prices back down
to close and settle at 3.593. An open close
to or below Fridays pit session low of 3.547 may be a bearish indication that
could push us down to the low end of our range at the 3.350-3.200 levels
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.541,
3.526, 3.475 3.358 3.467, 3.377, 3.334, 3,200
Resistance:
3.592, 3.643, 3.658, 3.709, 3.826, 4.00
Monday, December 3, 2012
12/3/2012 Update:
Fridays Crude Pit Session:
High: 88.98
Low: 87.98
Settle:
88.94
Looking
ahead to today’s crude pit session:
We saw crude
trade within a 1.00 range Friday settling at 88.94 failing to break above the
89.00 level. However, during last night’s
London session crude oil prices did in fact push into the 89 handle making
overnight highs at 89.30. An open above
89.00 will be a bullish signal that prices may continue to rise. We need to keep a close eye on the 90.00
level as a break above this level could easily push us into the 92.00-94.00
handle with positive economic news coming out of Asia and the Euro Zone. We still need to keep an eye on Negotiations
in Washington regarding the looming fiscal cliff as negative news regarding
this issue could drive prices lower.
Levels:
Support: 89.00,
88.64, 88.50, 88.28, 88.00, 87.63, 87.00, 87.62
Resistance:
89.50, 89.65, 90.00, 9.50, 90.66, 91.00, 91.50, 92.00
Fridays Natural Gas Pit Session:
High: 3.679
Low: 3.546
Close /
Settle: 3.561
Looking
ahead to today’s Natural Gas pit session:
We watched
natural gas trade continue to trade lower off Thursdays EIA inventory report
that came in at a 4 BCF build much higher than the forecasted -5 BCF draw. We finally pushed through and settled below
the major 3.600 and support level. An
open below this level may be a bearish indication that could push us down to
the low end of our range at the 3.350-3.200 levels
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support:
3.520, 3.467, 3.377, 3.334, 3,200
Resistance:
3.600, 3.653, 3.733, 3.866, 4.000,
Friday, November 30, 2012
11/30/2012 Update:
Thursdays Crude Pit Session:
High: 88.69
Low: 87.62
Settle:
88.04
Looking
ahead to today’s crude pit session:
We saw crude
trade within a 1.07 range yesterday settling at 88.04 failing to hold above its
50 day moving average at about the 88.60 level. We need to watch this resistance level today
as a level that crude oil traders may look to sell. We will also keep a close eye on how oil
volatility and refined products are reacting to end of the month balancing. As well as, Geopolitical news out of
Washington regarding the fiscal cliff and Middle East tensions that can impact
crude oil prices.
Levels:
Support: 88.12,
88.00, 87.62, 87.54, 87.05, 86.66, 85.98
Resistance:
88.61, 89.00, 89.19, 89.80, 90.25, 91.00, 91.75
Thursdays Natural Gas Pit
Session:
High: 3.759
Low: 3.637
Close /
Settle: 3.650
Looking
ahead to today’s Natural Gas pit session:
We watched
natural gas trade lower as the EIA inventory numbers came in at a 4 BCF build
much higher than the forecasted -5 BCF draw.
We need to keep an eye on the 3.600 support level as a break below this
number could push us down to the low end of our range at the 3.350-3.200 levels
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support:
3.620, 3.600, 3.586, 3,523, 3.345
Resistance:
3.637, 3.701, 3.764, 3.791, 3.879, 4.057
Thursday, November 29, 2012
11/29/2012 Update:
Wednesdays Crude Pit Session:
High: 86.54
Low: 85.36
Close: 86.46
Settle:
86.49
Looking
ahead to today’s crude pit session:
Yesterday we
had our DOE/ EIA inventory data come with a draw in inventories, resulting in
crude prices to go higher after the data was release. As we look ahead to
today’s pit session we see crude catching a bid in the overnight session. Today
we have to keep a close eye on the 88 level, and any news about the fiscal
cliff. One other thing we must watch is
how crude oil volatility and the refined products react to end of the month
balancing.
Levels:
Support: 86.82,
86.12, 85.36, 85.00
Resistance: 88.00,
88.26, 88.50, 88.80
Wednesdays Natural Gas Pit Session:
High: 3.826
Low: 3.737
Close /
Settle: 3.802
Looking
ahead to today’s crude pit session:
Yesterday we
had expiration in the Dec Natural Gas contract at close of pit trading. Looking
ahead at today’s pit session we will still see money moving into the Jan
contract as today is first notice day for Jan. Also today we have Natural Gas
EIA inventory numbers coming out at 1030est; analysts are forecasting a draw of
5 BCF. Earlier this week we had a report stating there was going to be colder
than expected weather throughout the United States resulting in Natural Gas
prices going lower off the 4.060 level.
So today we really have to watch the inventory data to get a better
indication on where prices will be going.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support:
3.737, 3.700, 3.660, 3.597
Resistance:
3.814, 3.891, 3.900
Wednesday, November 28, 2012
11/28/2012 Update:
Tuesdays Crude Pit Session:
High: 88.01
Low: 86.83
Settlement: 87.19
Looking
ahead to today’s crude pit session:
Last night’s
API inventory report shows U.S. crude oil inventories increased 1.96 million barrels
last week and are hovering above two to three year averages. Using this report as a leading indicator, we can
also expect to see a build in today’s 1030am DOE inventory report above the
500,000m forecast. That said, if the DOE
number does come in higher we can expect to see crude oil traders push prices
lower. Geopolitical fears that the US is
not making enough progress in resolving the looming fiscal cliff may also fuel
pressure to the down side.
The cease
fire in the Middle East still appears to be holding. If the cease fire fails apart, then we can see
crude easily push up to the 90-94 handle.
However, all the technicals are pointing to the down towards major
support at the 84.50 level
Check out www.crudesquawk.com and listen to all of today’s
action broadcasted live from the NYMEX Pits as it unfolds!
Resistance: 86.50,
86.83, 87.00, 87.30, 87.50, 87.87, 88.00, 88.50, 90.00
Support: 86.17,
86.00, 85.50, 84.98, 85.50, 85.00, 84.50
Tuesday, November 27, 2012
11/27/2012 Update:
Mondays Crude Pit Session:
High: 88.00
Low: 87.27
Settlement: 87.72
Looking
ahead to today’s crude pit session:
Monday was a
slow choppy range bound trading day with crude prices unable to break above
88.00 or below Fridays pit session lows of 87.27. As a new debt deal agreement
with Greece may be reached, we need to keep a close eye on tonight’s API
inventory numbers for market direction.
Many floor traders are still looking at the 90 level as a major level of
resistance. The cease fire in the Middle
East appears to be holding. If it continues
then we are anticipating prices to bounce off the 90.00 area. If the cease fire falls apart, then we can see
crude easily push up to the 92-94 handle.
If we see
the 90 level resistance hold and crude oil prices fall, energy traders are
looking at the 84.50 level as major support.
Sign up today at www.crudesquawk.com and listen all of today’s
action broadcasted live from the NYMEX Pit as it unfolds!
Resistance: 88.00,
88.50, 88.77, 89.00, 89.30, 90.00 92.00, 94.00
Support: 87.50,
87.50, 87.00, 86.90, 86.76, 86.50, 86.00, 85.50, 85.00
Monday, November 26, 2012
11/26/2012 Update:
Fridays Crude Pit Session:
High: 88.53
Low: 87.27
Settlement: 86.26
Looking
ahead to today’s crude pit session:
Crude oil
prices have pulled back off Fridays pit session highs of 88.53 as the cease
fire in Israel seems to be holding. However, geopolitical fears have been and will
continue to be the catalyst behind this market. Many floor traders are looking at the 90
level as a major level of resistance if the cease fire continues to hold. If the cease fire falls apart then we can see
crude easily push up to the 92-94 handle.
If we see
the 90 level resistance hold and crude oil prices fall, energy traders are
looking at the 84.50 level as major support.
Sign up today at www.crudesquawk.com and listen to our crude pit
audio broadcasted live from the NYMEX Pit as it unfolds!
Resistance: 88.00,
88.50, 88.77, 89.00, 89.30, 90.00 92.00, 94.00
Support: 87.50,
87.50, 87.00, 86.90, 86.76, 86.50, 86.00, 85.50, 85.00
Friday, November 23, 2012
11/23/2012 Update:
Wednesdays Crude Pit Session:
High: 87.89
Low: 86.37
Settlement: 87.39
Looking
ahead to today’s crude pit session:
Today will
be a half day in the Energy pits in observance of the Thanksgiving
Holiday. That said, we do not expect to
see much trading volume coming from the pits.
We have watched crude drop in the overnight electronic trading session as
the cease fire in Israel holds for a second day. Unless we see a major change in the Middle
East we are expecting to see Crude Oil close lower today. Due to the shortened trading day and low pit population
we will not be broadcasting live from the NYMEX. It’s a good day to kick back and relax! Our broadcast will resume Monday November 26
at 850am. Please join us for our Sunday
members only prep call where we will be interviewing the Goldman Sachs floor broker
and discussing the upcoming weeks trading action with our experts.
We do have a
limited number of non member seats available to participate on this call, If
you are interested in listening to this exciting interview, please email admin@crudesquawk.com to reserve your spot.
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pit audio broadcasted live from the NYMEX Pit as it unfolds!
Wednesday, November 21, 2012
11/21/2012 Update:
Yesterdays Crude Pit Session:
High: 88.79
Low: 86.17
Settlement: 86.76
Looking
ahead to today’s crude pit session:
We watched
crude oil prices fall yesterday to 86.17 as rumors of a cease-fire in Israel circulated
throughout the news wires. We then witnessed
crude oil traders push the price back up into the 87 handle overnight as it
became apparent that the cease-fire failed to come together. Putting additional pressure to the upside,
The American Petroleum Institute report said that oil inventories have fallen
for a second week in a row. Department of Energy inventories are scheduled
to be released today at 1030am. They are
currently forecasting a 800,000 barrel build, an actual build below this number
will continue to drive price for crude oil to the upside. As the cease fire failed to materialize we also
watched the January PUT to CALL open interest increase to the CALL side.
Outside a
dramatic build in DOE inventories today,
we are anticipating crude oil
traders will stay on the long side of the market until some type of peace
agreement is reached in the Middle East possibly pushing prices into the 90-92
handle.
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audio broadcasted live from the NYMEX Pit as it unfolds!
Resistance: 88.31,
88.50, 89.10, 89.86, 90.00, 90.50 92.48
Support: 87.24, 87.00, 86.50, 86.17, 85.69, 85.00, 84.62,
82.00
Tuesday, November 20, 2012
11/20/2012 Update:
Yesterdays Crude Pit Session:
High: 89.80
Low: 88.40
Settlement: 89.35
Looking
ahead to today’s crude pit session:
Crude oil
prices hit 89.80; the highest level in over a month during yesterday’s trading pit
session. This drive up is being fueled
by geopolitical fears over tensions in the Middle East as the risk of a
possible Israeli ground assault on Gaza still looms. An open above our 89.35 settlement may
continue to fuel this geopolitical price rally and possibly push us up into the
90-92 handle. However, long term crude oil fundamentals do not support this rise in prices as we
continue to see increased inventory levels and PUT side open interest continuing
to increase as the option traders seem to be positioning themselves for prices
to fall back down to or below the 85 handle
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action packed day broadcasted live from the NYMEX Pit as it unfolds!
Resistance: 89.18,
89.50, 89.80, 89.97, 90.58, 91.00, 91.50, 92.58
Support: 88.57, 88.00, 87.78, 87.52, 87.00, 86.35,
86.00, 85.50, 85.00
Monday, November 19, 2012
11/19/2012 Update
Fridays Crude Pit Session:
High: 87.39
Low: 86.24
Settlement: 86.96
Looking
ahead to today’s crude pit session:
We
are looking for an open and settlement above 87.56 to be a bullish sign that
crude oil prices will continue to rise amid concerns that tensions in the Middle East will impact supply and the US will agree to defer automatic spending cuts and tax increases that could throw the country into a recession. An open or close below this key level may be
an indication that prices could retreat back down to the 85 handle or lower. As we saw option traders (despite
geopolitical fears) reduce their bullish bets last week by almost 18% as December
crude oil options expired and moved to the January front month . These factors combined with a shortened
Holiday trading week could bring us some volatile price action this week.
Sign up today at www.crudesquawk.com and listen to this action packed day broadcasted
live from the NYMEX Pit as it unfolds!
Resistance: 88.00,
88.50, 89.00, 89.15, 89.50, 90.00, 90.50
Support: 87.50,
87.39, 87.00, 86.86, 86.34, 86.00, 85.71, 84.50
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