11/7/2012 Update

Yesterdays Crude Pit Session:

High: 88.22

Low: 86.08

Settlement: 88.60

Looking back at yesterdays crude pit session we saw crude dip below its 20 minute opening range early in the day finding key support at the 86.00 level.   Then we saw prices rise for the remainder of the day finally settling at 88.60.  After news of Obama’s Presidential win prices fell over 1.00 during the overnight European session.   We are expecting a choppy trading day as the markets digest how a second term will impact them.   Additionally, DOE Crude Inventories are to be released at 1030am.  We are expecting a 1.8m build.  If we see inventory levels above 1.8 it will put further downward pressure on prices, if the number comes in below 1.8, we can expect to see slight upward pressure on prices

Resistance:  89.00, 89.22, 89.85, 91.11,

Support: 87.97, 87.43, 86.71, 86.00, 85.42

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