Marty Errico Energy Market Analyst

1/31/2013 Update:

Crude Pit Session:

High : 97.98

Low: 97.34

Settlement 97.94

Marty Errico Energy Market Analyst at Traders Audio Saw: 

Yesterday's pit session we saw a bid session after a poor GDP number and unchanged fed rate, and statement. GDP comes at -0.1% vs  a gain of 1.1% due to a decrease in government spending. We also saw the fed keep rates unchanged, and a lot of the say rhetoric  out of the FOMC. The fed wants to counties there asset purchasing program of 85 billion a month , and force  on employment rates falling to around 6.5 for them to make any changes in rates. In reaction to that we saw catch a little bit of a bid but the just a touch under 98 dollars. Traders are looking at the 98.30 as some near term resistance and possibly the 100 level. After getting a larger than expected build in crude oil inventories number we still saw the market trade higher supported by Rbob and heating trading higher. Other factor for crude to trade are , Brent crude holding above 115, spread prices are in contango  showing a firm crude market. Looking ahead today we watching for a pit session open above 98.30 to see bullish , if we open in 97 handle we can a show a choppy ahead of tomorrow Job number 

Check out the daily commentary http://crudesquawk.com/daily-commentary.html.

Levels:

Resistance: 97.75, 98.30, 99.52

Support: 97.53, 97.11, 96.44

Tuesdays Natural Gas Pit Session:

High: 3.334

Low: 3.273

Close:  3.336

Marty Errico Energy Market Analyst at Traders Audio Saw:

The Natural gas pits yesterday caught a nice bid settling near highs at 3.336, this push up was based on revised news of a bigger than expected draw down in inventories and Accuweather forecasts predicting six more weeks of winter in the Northeast region of the U.S.  Today’s 1030am Natural Gas storage report is predicting a -202 BCF draw in inventories.   A larger than expected draw could continue to push prices higher.  However, with inventory levels at 5 year record highs and 10% above normal average for the year, we could possibly see a limited reaction to today’s report

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

Levels:

Support: 3.334, 3.299, 3.273, 3.231

Resistance:  3.334, 3.350, 3.391, 3.400

1/29/2013 Update: 

Crude Oil Pit Session

High: 96.81

Low 95.47

Close 96.44

Crude oil and the energy markets were mixed Monday. We still continue to watch crude trade within the same range for last 3 pit sessions, closing and settling near 96.50. Crude held support due to a weaker dollar and RBOB trading sharply higher do to news regarding a Hess refinery in NJ being shut down. Another reason for Crude trading higher was because of a pipeline attack overseas early yesterday morning. In the pit on Monday we saw large locals show interest in the 97.50, 98 strike level for the upside target. Ahead of the pit session open crude is chopping around the 96.50 level , on morning  that Houston cargo ship channel near Texas is closed due to fog and other weather problems. So we have to watch how crude and products react. Also we are ahead of our API numbers that are schedule for release tonight.

Levels:

Resistance: 97.00, 97.52, 98.30

Support:  95.75, 95.46, 9500

Natural Gas Pit Session

High 3.330

Low 3.286

Close 3.287

In Natural Gas we saw prices trading lower in the front Month March contract, due to moderation in weather forecast. Also analysts projected Natural gas inventories are 10 % above the 5 year average, and that we are at records highs in inventories. That projection caused NG to sell off yesterday. With the options contract expiring, we await outright expiring today at close.

Levels:

Resistance: 3.334, 3.424, 3.457

Support:   3.250, 3.211, 3.180

Tune in today to hear Marty Errico's  full analysis and pit commentary LIVE.  www.tradersaudio.com

1/24/13 Update:  

Wednesday’s Crude Pit Session:   

High: 96.73

Low: 94.95

Settle: 95.32

Today’s Crude Pit Session: 

We saw crude oil prices push up at the open yesterday to 96.73 as the Dollar showed some early weakness.  However, the push up was short lived after news of a backlog of crude oil flowing through the Seaway Pipeline hit the newswires and widened the Brent/WTI spread back above $17.50.  The widening spread and excess supply reports sparked a large sell off among brokers and dealers driving prices down to 94.95 before recovering a bit and settling at 95.32.  Last night’s API inventory report showed a +3.2 million barrel rise in crude inventories; while gasoline fell a negative -1.6 million barrels and distillates showed a +750K build.  Today’s DOE inventory due out at 11am is predicting a 1.9 million build in inventories.   Using last night’s API numbers as a leading indicator, we may see a larger than expected build in today’s report possibly putting further downward pressure on prices.   A break and settle below the 95.00 area today could take us down to the 91 handle, a hold above 95.00 could possibly push us up the 97-98 handle as options suggest.  In addition to watching the 95 level we are continuing to keep a close eye on the March Brent/WTI spread.

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:  

Support:  95.32, 95.00, 94.67, 92.82, 91.85

Resistance:  95.79, 96.64, 96.73, 96.92, 97.76

Wednesday’s Natural Gas Pit Session:   

High: 3.581

Low: 3.520

Close / Settle: 3.553

Today’s Natural Gas pit session:  

We saw a choppy trade off the highs in the Natural Gas Pit yesterday as Traders struggled with the fact that the current temperatures in the Northeast remain below normal and the latest NOAA 6-10 forecasts are predicating warmer weather patterns, basically balancing out demand.  Today’s inventory report due out at 1030 is forecasting a -167 BCF draw in inventories.  A larger than expected draw could push prices up to the 3.75 area and a build could produce further downward pressure on price possibly pushing below the 3.50 support area.

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:   

Support:  3.560, 3.523, 3.512, 3.476, 3.392

Resistance:  3.596, 3.607, 3.630, 3.644, 3.728

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1/23/13 Update:  

Tuesday’s Crude Pit Session:   

High: 96.89

Low: 95.57

Settle: 96.69

Today’s Crude Pit Session: 

Crude Oil traders pushed prices up yesterday to 96.89 on speculations that the U.S. will increase its debt limit and off news that the Nebraska Governor approved the Keystone Pipeline route.  Feb Futures also expired yesterday at the close of pit session.   Analysts are predicting a 2.5 million barrel build in inventories ahead of today’s API report due out later today.  The DOE inventory due out tomorrow is predicting a 2.8 million build.   That said, we will need to keep a close eye on today’s API report due out later as a leading indicator into tomorrow’s DOE report as a larger than expected draw can push prices down.  We also will continue watching the March Brent/WTI spread and the options pits to see how the big players are positioning themselves into the March Contract. 

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:  

Support:  96.14, 95.57, 94.68

Resistance:  96.52, 96.89, 97.06, 97.44, 98.36  

Tuesday’s Natural Gas Pit Session:   

High: 3.610

Low: 3.501

Close / Settle: 3.561

Today’s Natural Gas pit session:  

Natural Gas Traders pushed prices lower yesterday due to above normal weather temperatures forecasted by NOAA 6-10 day forecast, despite very cold current weather patterns in the US.   That said, we will need to keep a close eye on tomorrows inventory report as a larger than expected draw could push prices up and a build could produce further downward pressure on prices.

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:   

Support:  3.507, 3.454, 3.349

Resistance:  3.556, 3.612, 3.664, 3.769

Listen Live for free until Jan 24th! 

www.tradersaudio.com  User ID: crude Password: squawk   

1/22/13 Update:  

Friday’s Crude Pit Session:   

High: 96.13

Low: 95.36

Settle: 95.94

Today’s Crude Pit Session: 

March crude oil Prices closed Friday’s session with just a slight gain off opening prints as traders pushed prices up into the close settling at 95.94.   Starting this week’s trading session; Floor Traders seem to be struggling with ample crude inventories and the uncertainty about the outcome of the negotiations on the U.S debt ceiling.  That said,  we need to keep a close eye on news out of Washington Additionally, as the February front month contract expires today and we officially roll to March, we will be watching the March Brent/WTI spread and the options pits to see how the big  players are positioning themselves. 

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:  

Support:  95.58, 95.44, 95.00, 94.66, 94.27, 94.00, 93.35, 91.12

Resistance:  96.50, 96.89, 97.00, 97.50, 97.89, 98.00, 100.04  

Friday’s Natural Gas Pit Session:   

High: 3.578

Low: 3.488

Close / Settle: 3.566

Today’s Natural Gas pit session:  

Natural Gas Traders continued pushed prices higher Friday after Thursdays Storage Report showed a larger than expected draw of -148BCF verse the forecasted -135BCU draw.   This draw combined with colder temperatures across the U.S. may continue to put upward pressure on prices.  That said, we need to keep a close eye on this week’s long term weather forecasts to see if this trend may continue. 

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:   

Support:  3.491, 3.463, 3.396, 3.380, 3.314

Resistance:  3.529, 3.547, 3.612, 3.761

Marty Errico Energy Market Analyst at Traders Audio Saw:

1/18/13 Update:  

Thursdays Crude Pit Session:   

High: 96.50

Low: 95.44

Settle: 95.94

Marty Errico Energy Market Analyst at Traders Audio Saw:

Crude oil traders continued to push prices higher yesterday following this weeks

DOE Inventory report showed an unexpected draw of inventories at -1.0 million barrels verses the forecasted 2.0 million barrel build and stronger than expected labor and housing marked data.  During last night’s trading session positive economic data out of China’s showed a 7.9%  rise in GDP in the fourth quarter from a year earlier, compared with 7.4 percent in the previous period.  Additionally, the IEA increased its 2013 global demand forecast by 240,000 BPD, forecasting that world consumption will increase by 900,000 barrels a day, or 1 percent, this year to average a record 90.8 million.  This news combined with reduced production in Saudi Arabia may continue to put upward pressure on crude oil prices.  As we continue to roll to the March front month we will be keeping a close eye today on the March Brent/WTI spread and the options pits to see how the big players are positioning themselves in March

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:  

Support:  95.58, 95.44, 95.00, 94.66, 94.27, 94.00, 93.35, 91.12

Resistance:  96.50, 96.89, 97.00, 97.50, 97.89, 98.00, 100.04  

Thursdays Natural Gas Pit Session:   

High: 3.529

Low: 3.396

Close / Settle: 3.491

Marty Errico Energy Market Analyst at Traders Audio Saw: 

Natural Gas Traders pushed prices to session highs of 3.529 after yesterdays   Storage Report showed a larger than expected draw of  -148BCF  verse the forecasted -135BCU draw .   This draw combined with the latest weather forecasts predicting below normal temperatures across most of the US for the next 6 to 14 days may continue to put upward pressure on prices

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear Marty Errico’s full analysis and pit commentary.   

Levels:   

Support:  3.491, 3.463, 3.396, 3.380, 3.314

Resistance:  3.529, 3.547, 3.612, 3.761

Listen Live for free until Jan 24th! 

www.tradersaudio.com  User ID: crude Password: squawk   

1/17/13 Update:  

Wednesdays’ Crude Pit Session:   

High: 94.36 

Low: 93.21

Settle: 94.24

Today’s Crude Pit Session: 

Yesterdays DOE Inventory report showed an unexpected draw of inventories at -1.0 million barrels verses the forecasted 2.0 million barrel build driving crude oil prices up to close and settle near session highs at 94.24.  As we continue to roll and Feb Options expire we are seeing pit traded volume increase dramatically in the March Front month as well as the March Brent/WTI spread continue to tighten putting further pressure on WTI prices to the upside.  Today we will be keeping a close eye on the options pits to see how the big players are positioning themselves in March.  Traders are still looking at Fridays pit session lows of 92.65 as support and 94.70 as resistance in the Feb front month.    An open above the 94.70 level may push us up to the 96-97 handle.  

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear a full analysis and pit commentary.   

Levels:  

Support:  94.36, 93.76, 93.21, 93.10, 92.65

Resistance:  94.70, 95.02, 95.50, 96.00, 96.28  

Wednesdays’ Natural Gas Pit Session:   

High: 3.457

Low: 3.364

Close / Settle: 3.439

Today’s Natural Gas pit session:  

Natural Gas sold off quite aggressively yesterday early in the session making lows at 3.364 before rallying and settling at 3.439.  Today’s 1030am Natural Gas Storage report is predicting at -135BCU draw in inventories.  We need to pay close attention to this report as a larger than expected draw my push prices to the upside conversely a build in inventories may put pressure to the downside.

 Tune in to today’s Traders Audio Crude Squawk Broadcast to hear a full analysis and pit commentary.   

Levels:   

Support:  3.372, 3.364, 3.322, 3.229

Resistance:  3.415, 3.457, 3.508, 3.601

Listen Live for free until Jan 24th! 

www.tradersaudio.com  User ID: crude Password: squawk