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
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