2/25/2013
Update:
Fridays’ Crude
Pit Session:
High:
93.27
Low:
92.76
Close: 93.15
Looking
ahead to today:
We saw last week’s Crude Oil prices finally
break the bull channel and 95-98 range we have been trading in since early
December. We have now formed a new and
very noticeable bear channel and established a new trading range of 92-96. Pit
traders are looking at a 92.41 area as major short term support at the start of
this week a break and settle below this area with high Volatility as we saw
last week could quickly break our new trading range and as options suggest quickly
push us down into to the 90.00- 86.00 handles.
Traders will be paying close attention to Tuesdays Iran Nuclear talks in
Kazakhstan. These talks also have the potential
to impact Brent Oil Prices. That said, we need to keep a close eye on Brent prices
this week as well as the Brent/WTI spread which has been trading in the
19.75-21.65 range. Additionally, the
energy complex is keeping a close eye this week on Fridays looming Sequester
dead line here in U.S and how a lack of any type of positive deal by
Politicians may impact our economy.
Levels:
Support:
93.78, 93.47, 92.76, 92.95, 92.64, 92.41
Resistance: 94.46, 94.61, 94.99, 95.28, 96.00
Fridays’ Natural
Gas Pit Session:
High:
3.294
Low:
3.236
Close: 3.290
Looking
ahead to today:
Natural Gas is still trading in its bear
channel and 3.200-3.500 trading range we have been trading in all winter. We have now rolled to the April front month and
it is looking a bit bullish so far trading near the highs of its range. However, traders are still looking for some
type of Catalyst to possibly break this range. That said, we will need to continue to keep a
close eye on this week’s latest weather reports and news wires about any
changing supply and demand issues that may influence traders to break this range.
Levels:
Support:
3.360, 3.330, 3.294, 3.267
Resistance:
3.460, 3.550, 3.664, 3.810
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