1/4/2013 Update:
Thursdays Crude Pit Session:
High: 93.30
Low: 92.62
Settle:
92.91
Looking
ahead to today’s crude pit session:
We saw crude
oil prices rally a bit at the open making highs at 93.30, however the rally was
short lived off news that the Seaway Pipeline plans to resume full service
doubling its capacity and possibly shrinking imports, additional news that the
FOMC is looking to end its Bond purchase stimulus programs in 2013 pushed
prices down further. Yesterdays API
report showed a -12 million barrel draw in crude inventories, a 6.7 million barrel
build in Distillates and a 3.3 million barrel build in Gasoline. Today’s 11am DOE report is forecasting a -700,000
draw in crude inventories. Using last night’s API numbers as a leading
indicator, we may see a larger draw in DOE numbers than forecasted causing a
possible rally in prices. However, we
need to keep a close eye on RBOB and HO to see how they react to a projected build
in inventories. We are still looking at
the 93.50 area as a major level of resistance, if we can break and hold above this
level, options suggest we can easily push up into the 95.00 handle. If crude oil traders cannot push through the
93.50 area, than we can expect prices to
fall to the bottom of our range at the 90.00 handle.
Levels:
Support:
92.14, 91.60, 91.00, 90.50, 90.00
Resistance: 92.59, 92.78, 92.94, 93.30, 93.50, 93.62
Thursdays Natural Gas Pit
Session:
High: 3.236
Low: 3.164
Close / Settle:
3.195
Today’s
Natural Gas pit session:
We watched
Natural Gas Pit trade nearly flat on the session closing and settling near open
prints as traders continued to struggle with US weather forecasts calling for
warmer temperatures. Today’s Natural Gas
inventory report is due out at 1030am and is forecasting a -129 BCU draw. A larger draw than expected could cause
prices to rally. However, a build can easily
continue to push us down to the 3.050 level
Tune in this
morning to hear a full analysis and pit commentary.
Levels:
Support: 3.236,
3.199, 3.164, 3.127, 3.050
Resistance: 3.271,
3.343, 3.372, 3.411, 3.500
No comments:
Post a Comment