12/3/2012 Update:

Fridays Crude Pit Session: 

High: 88.98

Low: 87.98

Settle: 88.94

Looking ahead to today’s crude pit session:

We saw crude trade within a 1.00 range Friday settling at 88.94 failing to break above the 89.00 level.  However, during last night’s London session crude oil prices did in fact push into the 89 handle making overnight highs at 89.30.   An open above 89.00 will be a bullish signal that prices may continue to rise.  We need to keep a close eye on the 90.00 level as a break above this level could easily push us into the 92.00-94.00 handle with positive economic news coming out of Asia and the Euro Zone.  We still need to keep an eye on Negotiations in Washington regarding the looming fiscal cliff as negative news regarding this issue could drive prices lower.   

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

www.crudeaquawk.com

Levels:  

Support: 89.00, 88.64, 88.50, 88.28, 88.00, 87.63, 87.00, 87.62

Resistance: 89.50, 89.65, 90.00, 9.50, 90.66, 91.00, 91.50, 92.00

Fridays Natural Gas Pit Session: 

High: 3.679

Low: 3.546

Close / Settle: 3.561

Looking ahead to today’s Natural Gas pit session:

We watched natural gas trade continue to trade lower off Thursdays EIA inventory report that came in at a 4 BCF build much higher than the forecasted -5 BCF draw.  We finally pushed through and settled below the major 3.600 and support level.   An open below this level may be a bearish indication that could push us down to the low end of our range at the 3.350-3.200 levels

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

www.crudesquawk.com

Levels: 

Support: 3.520, 3.467, 3.377, 3.334, 3,200

Resistance: 3.600, 3.653, 3.733, 3.866, 4.000,