12/18/2012 Update:

Mondays  Crude Pit Session: 

(jan)

High: 87.71

Low: 87.13

Settle: 86.70

Looking ahead to today’s crude pit session:

Although we saw crude oil prices trade at its highest since Early December we saw little participation from the pits as many traders and locals have closed out there books for the year.  (1,451 in open outcry volume) We do expect to see better volume today as we roll to the February front month and it appears that Washington is getting closer to making a fiscal cliff deal.  However, we do not expect to see crude oil traders push us out of this 85.00-90.00 range for the rest of the year.  We will be keeping a close eye on Multiple Market Divergence with Heating Oil and RBOB as well as preparing for API numbers due out tonight ahead of tomorrow’s DOE inventory numbers that are currently forecasting a draw of 900,000 barrels.

Tune in this morning to hear a full analysis and pit commentary.  

www.crudesquawk.com

Levels:  (Feb)

Support: 88.13, 87.67, 87.15, 87.00, 86.70

Resistance:  88.30, 88.65, 89.00, 89.63, 90.00