12/7/2012 Update:
Thursdays Crude Pit Session:
High: 87.09
Low: 85.68
Settle:
86.22
Looking
ahead to today’s crude pit session:
We watched
crude oil prices dip in into the 85 handle making pit session lows at
85.68. A weaker than expected job number
today could continue to fuel this push down. Poor economic data out of Europe
regarding Germanys weaker than expected industrial numbers report and an
earthquake in Japan further raise crude oil traders concerns that demand will
decline and stockpiles may increase. Additionally, we need to keep a close eye on
geopolitical news out of Syria, Turkey and the Middle East as any escalation of
unrest in these regions could impact prices.
Levels:
Support:
85.68, 85.38, 85.00, 84.50, 84.26, 84.00, 81.71
Resistance: 86.00, 86.81, 87.00, 87.50, 87.93, 88.23,
89.23
Thurdays Natural Gas Pit
Session:
High: 3.748
Low: 3.614
Close /
Settle: 3.659
Today’s
Natural Gas pit session:
Looking back
at yesterday’s pit session for Natural Gas we saw a wide trading range off of
inventory numbers with a greater than expected draw of -73BCF, analyst were forecasting a draw of -63BCF to -70BCF. For a historical perspective, the 5 year
inventory level was at a draw of 51BCF compared to the last years draw of 14BCF,
so we can see storage levels are lower. We can possibly see Natural Gas prices
trade lower because of a weather forecast that came out earlier this week from
the national weather service forecasting warmer than expected weather across
the United States.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.612,
3.586, 3.530
Resistance: 3.750, 3.825, 3.916
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