1/29/2013 Update: 

Crude Oil Pit Session

High: 96.81

Low 95.47

Close 96.44

Crude oil and the energy markets were mixed Monday. We still continue to watch crude trade within the same range for last 3 pit sessions, closing and settling near 96.50. Crude held support due to a weaker dollar and RBOB trading sharply higher do to news regarding a Hess refinery in NJ being shut down. Another reason for Crude trading higher was because of a pipeline attack overseas early yesterday morning. In the pit on Monday we saw large locals show interest in the 97.50, 98 strike level for the upside target. Ahead of the pit session open crude is chopping around the 96.50 level , on morning  that Houston cargo ship channel near Texas is closed due to fog and other weather problems. So we have to watch how crude and products react. Also we are ahead of our API numbers that are schedule for release tonight.

Levels:

Resistance: 97.00, 97.52, 98.30

Support:  95.75, 95.46, 9500

Natural Gas Pit Session

High 3.330

Low 3.286

Close 3.287

In Natural Gas we saw prices trading lower in the front Month March contract, due to moderation in weather forecast. Also analysts projected Natural gas inventories are 10 % above the 5 year average, and that we are at records highs in inventories. That projection caused NG to sell off yesterday. With the options contract expiring, we await outright expiring today at close.

Levels:

Resistance: 3.334, 3.424, 3.457

Support:   3.250, 3.211, 3.180

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