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
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