3/5/2013 Update:

Previous Crude Pit Session:

High: 90.67

Low: 89.33

Close:  90.13

Looking ahead to today:

We saw crude oil price on the offer for most of yesterday’s pit session making new lows at 89.33 before catching a late bid into the close and settling at 90.13.   We will need to keep a sharp eye on the API report due out later today as some analysts are predicting another build in crude inventories ahead of tomorrow’s DOE numbers that are forecasting a 900k build.   If we do in fact see another build, it will be the 7^th consecutive build in inventories and could keep downward pressure on prices.   We also will be keeping a close watch on our Brent/WTI spread a well as our options as we continued to see increased bearish PUT volume in the 90, 89, 88 and 87 strike prices yesterday. 

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

Levels:

Support:  90.20, 89.48, 89.33, 89.12, 88.62, 87.04

Resistance: 90.91, 91.06, 91.78, 91.97, 92.55, 93.36

  

Previous Natural Gas Pit Session:

High: 3.539

Low: 3.438

Close:  3.531

Looking ahead to today:

We saw Natural Gas prices on the bid again during yesterday’s session making highs and settling above the 3.500 resistance level.   Prices continue to be driven by the latest supportive weather forecasts.  However we need to continue keeping a close eye on these reports as the longer term forecasts are starting to show signs of warming patterns possibly coming into play later in the month.   We also need to keep a close eye on Thursdays Storage report where some Analysts are predicting a 140 BCF draw in inventories.

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

Levels:

Support: 3.550, 3.503, 3.455, 3.438, 3.408, 3.361

Resistance: 3.574, 3.585, 3.597, 3.645, 3.700, 3.787

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