3/26/2013
Update:
Previous Crude
Pit Session:
High:
95.69
Low:
94.01
Close: 94.76
Looking
ahead to today:
We
saw crude oil prices push to their highest level since mid-February to 95.65
off of the bailout deal in Cyprus.
However, we then saw the market sell off as comments out of the EU
suggested that the bailout can be a template for all of Euro Zone pushing us
all the way down to 94.01 before catching a bid into the close and settling at
94.79. Looking ahead to today we have
seen a bullish overnight Globex session an opening print above yesterday high
or settle will be a very bullish indication for upside possibly into the 97-98
handles as options suggest and as the Brent/WTI spread continues to tighten
into the 12.00 handle or lower. We need
to pay close attention to today’s API numbers ahead of tomorrow’s DOE report
that is predicting a 1.5M build in inventories as a build may put downward
pressure on prices. Additionally, will also
need to continue to monitor the Cyprus situation and how it impacts the markets
as well as any Geopolitical news out of the Middle East.
Levels:
Support: 95.08, 94.82, 94.01, 93.18, 91.54
Resistance:
95.69, 96.46, 97.18, 97.78, 98.10
Previous Natural
Gas Pit Session:
High:
4.016
Low:
3.885
Close: 3.887
Looking
ahead to today:
We
saw April Natural Gas prices fail to hold above the 4.000 level on once again in
the May contract and we broke and closed below the 3.90 support level. Yesterdays bearish price action combined with
increased PUT activity in the options suggests Natty’s strong uptrend may be
coming to an end and we can expect to see prices continue to fall. That said we will need to keep a close eye on
our long and short term weather forecasts and watch how Natural Gas reacts at
key support levels to confirm this strong up trend is coming to an end.
Levels:
Support: 3.860, 3.827, 3.776, 3.640, 3.600
Resistance:
3.963, 3.996, 4.016, 4.048, 4.184
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