2/13/2013 Update:

Tuesday’s Crude Pit Session:

High: 97.75

Low: 97.18

Close:  97.48

Looking ahead to today:

Although we saw crude hit a new 7 day high at 97.75 yesterday, we traded in a tight 57 cent range with little overall participation from pit traders.  Weakness in the Dollar and OPEC’s monthly report raising their 2013 oil demand forecasts helped us catch a slight bid late in the session before pulling back and settling at 97.48.  Last night’s API report showed an unexpected draw in gasoline supplies by 810K barrels, Crude -2.3m barrel draw and Distillates also fell by 1.1 million barrels.  Today’s 1030 DOE inventory is forecasting a 2.5 million barrel build in inventories.  Using last night’s API numbers as a leading indicator into today’s DOE number we may expect to see larger than expected draws in inventory’s that could continue to put upward pressure on prices.   Keep in mind that although we are trading near our 95.00 to 98.00 range highs.  We still need to close and settle above the 98.00-98.30 level to break this range to the upside, possibly pushing us up into the 100-103 handle as options suggest.

Levels:

Support: 97.75, 97.47, 97.18, 96.90, 96.68

Resistance:  98.04, 98.30, 98.61, 99.00, 99.50

  

Tuesday’s Natural Gas Pit Session:

High: 3.301

Low: 3.323

Close:  3.234

Looking ahead to today:

Tuesdays Natural Gas Traders were on the offer for most of the session yesterday as the latest NOAA 6-10 day forecasted basically average temperatures across the US.  Ahead of tomorrow’s Natural gas storage report, we need to keep a close eye on the 3.200 support level.  A breach of this level could push us down to the 3.00 range as the winter season appears to be coming to an end creating less demand on Natural gas stock piles. 

Levels:

Support: 3.261, 3.230, 3.223, 3.209, 3.200, 3.170

Resistance: 3.300, 3.314, 3.330, 3.352, 3.443

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