12/4/2012 Update:

Mondays Crude Pit Session: 

High: 90.33

Low: 88.75

Settle: 89.05

Looking ahead to today’s crude pit session:

We saw crude trade within a 1.58 range Monday settling at 89.05 failing to hold above the 90.00 level.  We continued to see crude oil traders push price lower during last night’s London session making overnight lows at 88.19.  We are going to need to keep a close eye on tonight’s API inventory report to get an idea if we may actually see -400k barrel draw in tomorrow’s DOE inventories report.   As a larger than expected draw in inventories could push crude oil prices back up and a build will continue pressure the downside. 

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

www.crudesquawk.com

Levels:  

Support: 88.00, 87.80, 87.50, 87.00, 86.22, 86.00

Resistance: 88.60, 89.00, 89.35, 89.50, 90.00, 90.33, 90.96, 91.50, 92.54

Mondays Natural Gas Pit Session: 

High: 3.631

Low: 3.563

Close / Settle: 3.593

Looking ahead to today’s Natural Gas pit session:

Natural gas retraced to the 3.631 level after breaking below the 3.600 level on Friday.  Then we watched traders push prices back down to close and settle at 3.593.  An open close to or below Fridays pit session low of 3.547 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: 3.541, 3.526, 3.475 3.358 3.467, 3.377, 3.334, 3,200

Resistance: 3.592, 3.643, 3.658, 3.709, 3.826, 4.00