11/15/2012 Update

Yesterdays Crude Pit Session:  (Jan Contract)

High: 87.06

Low: 86.76

Settlement: 85.39

Looking ahead to today’s crude pit session:

DOE inventories are scheduled to be released at 11 am est  with a forecasted 2.5M build and we may see some choppy range-bound trading leading up to this release.  Last night, we saw the API inventory data come out with a build of 1.35 million.  So using those numbers as a leading indicator, we will most likely see a positive build today for DOE inventories as well.  Globex volume dictates that we roll over to the JAN 2013 contract.  That said, we need to watch the 87.00 level as an open above this level can take us back up to the 89 handle.   We are also keeping a close eye on the Oil Volatility Index (OVX) as it traded very softly yesterday.

We are also keeping another close eye on Geopolitical news in the Middle East and here in the USA that may impact today’s price action

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Resistance: 87.06, 87.24, 87.50, 88.00, 88.50, 89.00 89.75

Support:  86.40, 86.00, 85.75, 85.40, 84.73, 84.50, 84.00, 83.50, 83.00