3/13/2013 Update:

Previous Crude Pit Session:

High: 93.47

Low: 92.43

Close:  92.51

Looking ahead to today:

Yesterday’s crude pit session closed bullish above our trading range of 92.00 at 92.51.  This close combined with last night’s bullish API report creates a promising scenario for a possible higher trade on Crude oil prices today.  Last night’s API numbers showed a -1.4M barrel draw in Crude, a -3.1M Barrel draw in Rbob and a -2.2M barrel draw in Distillates.   Using this report in as a leading indicator into today’s 10:30am DOE inventory report which is forecasting a +2.3M build in Crude, a +1.5M build in Rbob and a +2.0M build in Distillates quickly shows us that a possible draw in inventories as indicated in last nights API report along with continued high VOL over 20% can possibly drive crude oil prices higher whereas a build as forecasted could put downward pressure on prices.  That said, all eyes are on today’s DOE report.

For more info check out yesterday’s daily commentary video: http://www.crudesquawk.com/daily-commentary.html

Levels:

Support:  92.46, 92.14, 91.76, 91.60, 90.72

Resistance: 93.47, 93.84, 94.21, 94.46, 94.88

  

Previous Natural Gas Pit Session:

High: 3.676

Low: 3.620

Close:  3.643

Looking ahead to today:

We saw Natural Gas trade sideways yesterday near the highs settling at 3.620.    Technical price patterns are still suggesting that we may see a pullback off this area as we are now trading above a major wedge and forming a double top.  This week’s NOAA 6-10 and 8-14 day weather forecasts also seem to be less supportive for higher prices this week.   That said, we will need to keep a close eye on this week’s continuing forecasts and tomorrows storage report to confirm a possible move to the downside.

For more info check out yesterday’s daily commentary video: http://www.crudesquawk.com/daily-commentary.html

Levels:

Support: 3.644, 6.620, 3.611, 3.588, 3.564, 3.532

Resistance: 3.659 3.667, 3.676, 3.700, 3.756

Tune in today to hear Marty's live analysis and pit commentary on all the NYMEX Energy Markets.   www.tradersaudio.com