1/15/2013 Update:
Mondays Crude Pit Session:
High: 94.24
Low: 92.95
Settle:
94.23
Looking
ahead to today’s crude pit session:
Crude oil
traders pushed prices lower yesterday early in the session making lows at
92.95. This seemed to fueled by the
Brent/WTI oil spread which widened to 17.80 vs 17.10 on Friday. This push down was short lived as we saw
crude oil prices rally late in the session making and settling near new session
highs at 94.23. As we move closer to contract
roll over, we need to keep a close eye on today’s API inventory ahead of
Wednesdays EIA Inventory report for an indication on what direction oil prices
may go. Pit Traders are still looking at
Fridays pit session lows of 92.65 as the top our short term support zone as
prices rallied off this level three times last week creating a triple
bottom. They are also looking at short
term resistance at last week’s highs of 94.70.
An open and hold above this 94.70 could easily push us up into the 97-98
handle as options suggest. An open or close
below our short term support range 92.40-92.65 may push prices down to the
87-90.00 handle.
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for free until Jan 24th!
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Levels:
Support:
94.40, 94.70, 94.61, 94.87, 95.24, 96.00, 97.00
Resistance: 94.24, 94.04, 93.78, 93.41, 92.95, 92.65,
91.52
Mondays Natural Gas Pit Session:
High: 3.411
Low: 3.363
Close / Settle:
3.372
Today’s
Natural Gas pit session:
We watched Natural Gas settle near opening prints during Mondays pit session
at 3.372 as the latest NOAA six to fourteen day
forecasts are expecting below normal temperatures across most of the US. That said, we may continue to see the Natural
Gas Traders continue to push prices to the 3.500-3.600 level and then pull back
as options suggest. We will need to
keep a close eye on Thursday’s upcoming inventory report as a larger than
expected draw in inventory combined with cold weather forecasts could continue
to push prices higher
Tune in this
morning to hear a full analysis and pit commentary.
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for free until Jan 24th!
www.tradersaudio.com User ID: crude Password: squawk
Levels:
Support: 3.346, 3.337, 3.304, 3.278, 3.230
Resistance: 3.372, 3.378, 3.411, 3.420, 3.452, 3.526
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