2/26/2013 Update:

Mondays’ Crude Pit Session:

High: 93.94

Low: 92.69

Close:  93.10

Looking ahead to today:

We saw crude oil traders on the offer for most of yesterday’s pit session on uncertainty surrounding the Italian elections and strength in the dollar.  We settled close to Fridays pit settle at 93.10, however the sell off continued through our overnight Globex Session making overnight lows at 91.92.   Today, Crude Oil Traders will be keeping an eye on Iran nuclear talks in Kazakhstan as well as Sequester talks in Washington hoping a deal can be struck to divert Fridays looming spending cuts.   Additionally, we need to pay very close attention to Todays API inventory report due out later today, as analysts are predicting another large build in inventories ahead of tomorrow’s DOE report that is predicting a 2.2 Million barrel build in inventories.   A large build could continue to keep downward pressure on Crude Oil Prices.  Traders were looking at a 92.50 area as major short term support at the start of this week.   If we hold and settle today below this area with continued high Volatility we could quickly as options suggest push us down into to the 90.00- 87.00 handles.

Levels:

Support: 91.92, 91.41, 91.25, 91.01, 90.22

Resistance:  92.55, 93.24, 93.80, 93.94, 94.46

Mondays’ Natural Gas Pit Session:

High: 3.476

Low: 3.421

Close:  3.471

Looking ahead to today:

We saw Natural Gas on the bid for most of yesterday’s pit session pushing us up to the highs of our trading range.  This bullish price action continued overnight pushing us up to new overnight highs at 3.517.   As we continue to trade in the highs of our range we need to keep a close eye on the latest long and short term weather forecasts for an indication that this recent up trend may reverse as well as any supply and demand issues that could impact prices ahead of Thursday’s Storage report

Levels:

Support: 3.471, 3.421, 3.370, 3.341, 3.266

Resistance: 3.517, 3.529, 3.584, 3.600, 3.743

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

2/25/2013 Update:

Fridays’ Crude Pit Session:

High: 93.27

Low: 92.76

Close:  93.15

Looking ahead to today:

We saw last week’s Crude Oil prices finally break the bull channel and 95-98 range we have been trading in since early December.  We have now formed a new and very noticeable bear channel and established a new trading range of 92-96.   Pit traders are looking at a 92.41 area as major short term support at the start of this week a break and settle below this area with high Volatility as we saw last week could quickly break our new trading range and as options suggest quickly push us down into to the 90.00- 86.00 handles.  Traders will be paying close attention to Tuesdays Iran Nuclear talks in Kazakhstan.   These talks also have the potential to impact Brent Oil Prices.  That said,  we need to keep a close eye on Brent prices this week as well as the Brent/WTI spread which has been trading in the 19.75-21.65 range.  Additionally, the energy complex is keeping a close eye this week on Fridays looming Sequester dead line here in U.S and how a lack of any type of positive deal by Politicians may impact our economy.

Levels:

Support: 93.78, 93.47, 92.76, 92.95, 92.64, 92.41

Resistance:  94.46, 94.61, 94.99, 95.28, 96.00

  

Fridays’ Natural Gas Pit Session:

High: 3.294

Low: 3.236

Close:  3.290

Looking ahead to today:

Natural Gas is still trading in its bear channel and 3.200-3.500 trading range we have been trading in all winter.  We have now rolled to the April front month and it is looking a bit bullish so far trading near the highs of its range.  However, traders are still looking for some type of Catalyst to possibly break this range.   That said, we will need to continue to keep a close eye on this week’s latest weather reports and news wires about any changing supply and demand issues that may influence traders to break this range.  

Levels:

Support: 3.360, 3.330, 3.294, 3.267

Resistance: 3.460, 3.550, 3.664, 3.810

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

2/22/2013 Update:

Thursdays’ Crude Pit Session:

High: 93.63

Low: 92.63

Close:  92.78

Looking ahead to today:

Although we saw a huge move to the downside during Wednesday’s pit session and the DOE inventory numbers were released yesterday, Crude traded in an overall tighter than anticipated 1.00 range during yesterday’s pit session.   Yesterday’s DOE number came in with a much larger than expected draw (4m vs 2m)   however we saw a draw in Distillates.  This divergence in inventory numbers created a mixed sentiment amongst traders.  This, along with the fact we saw Crude trade lower in Wednesday’s overnight session off the larger than expected draw in API numbers showed that Crude Pit traders felt the large -4M draw on Crude had already been priced into the market.    We did however; see that Volatility was up by over 4 Vols and the OVX trading up to the 29 handle.   Given this high Volatility, a close and settle below the 92.50-92.00  level could quickly break our new trading range of 92.00 to 96.00 and quickly push us down to the 90.00 to 86.00 handle as options suggest.  We have very little key economic data scheduled for release today.  That said, we will need to keep a close eye on our technical levels today and any breaking Geopolitical news that may move this market.

Levels:

Support: 93.01, 92.62, 92.41, 91.98, 91.01

Resistance:  93.40, 94.01, 94.57, 95.01

Thursdays’ Natural Gas Pit Session:

High: 3.337

Low: 3.231

Close:  3.244

Looking ahead to today:

We saw Natural Gas prices trade lower on the session once again even though yesterday’s weekly Storage Report came in with a slightly larger than expected draw (-127BCF vs -119BCF).  We did see an initial spike to session highs at 3.337 immediately following the release, however pit traders quickly went on the offer to bring us all the way back down to session lows as the latest weather forecasts once again came in mixed with a colder than expected temperatures expected in the short term and warmer than expected temperatures predicted in the long term.  We are currently trading in a 3.200 to 3.330 range and traders are looking for some type of Catalyst to possibly break this range.   That said,  we will need to continue to keep a close eye on the latest weather reports and news wires about any changing supply and demand issues that may influence traders to break this range.   

Levels:

Support: 3.231, 3.202, 3.163, 3.057

Resistance: 3.269, 3.308, 3.308, 3.337

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

2/21/2013 Update:

Wednesdays’ Crude Pit Session:

High: 97.34

Low: 94.21

Close:  95.20

Looking ahead to today:

We saw crude oil prices trade in a 3.13 range yesterday as locals and dealers did aggressive selling as news of a forced liquidation of a commodity Macro Fund hit the trading pits.  The selling became so aggressive that the CME halted trading for about 10 seconds.  Selling pressure has continued during the overnight trading session making new Globex lows at 93.55.   Last night’s API numbers showed a +3M build in Crude, -122K draw in gasoline and a -1.6M draw in Heating Oil.   Using these numbers as a leading indicator into today’s 11am DOE inventory report we could expect the actual DOE forecasts of +2M Build in Crude, -1.4M draw in Gasoline and a -1.4M in Heating Oil to possibly come in line with expectations possibly having little impact on prices.   Given the fact we are now trading in the 93.00 handle, we have broken the 95.00-98.00 trading range we have been trading in since mid- January.  Options now suggest our new trading range may be 92.00-96.00.   That said,  we will need to keep a close eye on today’s DOE inventory report as a larger than expected draw could put upward pressure on prices and a larger than expected build could continue to put downward pressure on prices confirming a new trading range has been established.

Levels:

Support: 93.55, 93.00, 92.45, 92.00

Resistance:  94.21, 95.38, 96.74, 96.96, 97.34

   

Wednesdays’ Natural Gas Pit Session:

High: 3.312

Low: 3.257

Close:  3.282

Looking ahead to today:

We saw yesterday’s Natural Gas prices trade lower yesterday as the latest 6-10 day weather forecast showed mixed bag of above and below average temperatures across the country. Today, all eyes will be on today’s 1030am Storage Report which is forecasting a -119BCF draw in inventories.  A larger than expected draw could put upward pressure on prices and a lower than expected draw or build may push prices down as we saw after last week’s report

Levels:

Support: 3.257, 3.245, 3.230, 3.223

Resistance: 3.279, 3.301, 3.313, 3.335

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

2/20/2013 Update:

Tuesday’s Crude Pit Session:

High: 97.17

Low: 96.03

Close:  97.11

Looking ahead to today:

We saw yesterday’s crude oil prices pushed higher by mostly locals throughout the early pit trading session off positive data out of Germany and off of reports that the Seaway Pipeline flows would only average 295,000 BPD rather than the 400,000 BPD that was originally predicted.   Then we witnessed the pit catch a strong bid into the closing bell by dealers and locals as the S&P approached and hit 5 year highs.   We are still trading in a 98.00-95.00 range from mid- January.  That said, traders are still looking for a close and settle above or below these areas to officially break these ranges.   We need to keep a close eye on Todays API report due out later today ahead of tomorrow’s DOE numbers that are delayed one day to the holiday.  This week’s inventory numbers may give us a good indication of where crude oil process may be heading in the coming week.   

Levels:

Support: 96.77, 96.37, 95.80, 95.63, 95.44, 94.49

Resistance:  97.17, 97.51, 97.89, 98.30, 99.05

   

Tuesday’s Natural Gas Pit Session:

High: 3.279

Low: 3.218

Close:  3.273

Looking ahead to today:

We saw Natural Gas prices on the bid for most of yesterday’s pit session closing and settling near session highs at 3.273.   A break of the 3.322 resistance could possibly bring us to the top of our range at the 3.459 area ahead of tomorrow’s Storage Report that is forecasting a -119BCF draw.   Traders are still looking at the 3.100 level as major support. A break below this level could push us to the 3.000 or possibly lower as this market continues to struggle to find support with the latest mild to normal weather forecasts

Levels:

Support: 3.286, 3.238, 3.197, 3.175, 3.123

Resistance: 3.312, 3.322, 3.353, 3.459, 3.468

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

2/15/2013 Update:

Thursday’s Crude Pit Session:

High: 97.71

Low: 97.07

Close:  97.30

Looking ahead to today:

We saw crude trade in a choppy tight .64 cent range yesterday as March options expired and as traders continued to roll to the April front month.   Looking ahead to today we need to be mindful that the March front month is now sharing volume with April.  That said, we will be keeping a close eye on the spread as well as the April options for an indication on how big players are balancing and positioning themselves into the roll. 

Levels:

Support: 96.77, 96.50, 96.50, 96.00, 94.95

Resistance:  97.01, 97.36, 97.71, 98.00, 98.30

  

Thursday’s Natural Gas Pit Session:

High: 3.284

Low: 3.315

Close:  3.165

Looking ahead to today:

We saw Natural Gas catch a large offer pushing us below the key 3.200 support level after yesterday’s 1030am  report show a less than expected draw in storage levels (-157BCF vs -166BCF)   We now need to keep a close eye on the 3.100 support.  A break below this level could push us to the 3.000 or possibly lower as this market continues to struggle to find support with the latest mild weather forecasts and the fact heating season is coming to an end.

Levels:

Support: 3.125, 3.100, 3.030

Resistance: 3.204, 3.284, 3.309, 3.378

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

2/14/2013 Update:

Wednesday’s Crude Pit Session:

High: 98.05

Low: 96.63

Close:  97.03

Looking ahead to today:

We saw crude hit a new 8 day pit session high at 98.05 yesterday early in the session as Equity Markets made new highs and the Dollar showed weakness.  However, yesterday’s DOE inventory report reflected a smaller than expected build which in turn drove prices down to 96.63 lows before recovering a bit and settling at 97.03.   We saw large dealers on the offer most of the day and many placed additional short positions into the closing bell.  This bearish sentiment seemed to be fueled by the fact that we had a small build in inventories rather than the unexpected large draw that was reflected in Tuesdays API report.  As March Crude options expire today and we continue with roll we need to keep in mind that we are still stuck in the 95.00-98.00 trading range until we close and settle above 98.30 or below 94.95.   We will be keeping a close eye on the options pits for an indication on how the big players may be positioning themselves in the new front month contract.

Levels:

Support: 97.05, 96.63, 96.42, 95.82, 94.95

Resistance:  97.24, 97.84, 98.05, 98.30, 98.66

Wednesday’s Natural Gas Pit Session:

High: 3.323

Low: 3.256

Close:  3.305

Looking ahead to today:

We saw Natural Gas continue to catch a bid yesterday off the 3.200 support area for most of pit session.   Today’s 1030am Storage Report is forecasting a -166BCF draw.  We need to keep a very close eye on this report today as a larger than expected draw could continue to put upward pressure on Natural Gas Prices and a less than expected draw combined with the latest mild forecast could possibly spark a sell off.   Natural Gas Traders are still keeping an eye on the key 3.200 support level as a breach of this level could push us down to the 3.00 area.

Levels:

Support: 3.284, 3.256, 3.245, 3.230, 3.200

Resistance: 3.323, 3.337, 3.345, 3.377, 3.470

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

2/13/2013 Update:

Tuesday’s Crude Pit Session:

High: 97.75

Low: 97.18

Close:  97.48

Looking ahead to today:

Although we saw crude hit a new 7 day high at 97.75 yesterday, we traded in a tight 57 cent range with little overall participation from pit traders.  Weakness in the Dollar and OPEC’s monthly report raising their 2013 oil demand forecasts helped us catch a slight bid late in the session before pulling back and settling at 97.48.  Last night’s API report showed an unexpected draw in gasoline supplies by 810K barrels, Crude -2.3m barrel draw and Distillates also fell by 1.1 million barrels.  Today’s 1030 DOE inventory is forecasting a 2.5 million barrel build in inventories.  Using last night’s API numbers as a leading indicator into today’s DOE number we may expect to see larger than expected draws in inventory’s that could continue to put upward pressure on prices.   Keep in mind that although we are trading near our 95.00 to 98.00 range highs.  We still need to close and settle above the 98.00-98.30 level to break this range to the upside, possibly pushing us up into the 100-103 handle as options suggest.

Levels:

Support: 97.75, 97.47, 97.18, 96.90, 96.68

Resistance:  98.04, 98.30, 98.61, 99.00, 99.50

  

Tuesday’s Natural Gas Pit Session:

High: 3.301

Low: 3.323

Close:  3.234

Looking ahead to today:

Tuesdays Natural Gas Traders were on the offer for most of the session yesterday as the latest NOAA 6-10 day forecasted basically average temperatures across the US.  Ahead of tomorrow’s Natural gas storage report, we need to keep a close eye on the 3.200 support level.  A breach of this level could push us down to the 3.00 range as the winter season appears to be coming to an end creating less demand on Natural gas stock piles. 

Levels:

Support: 3.261, 3.230, 3.223, 3.209, 3.200, 3.170

Resistance: 3.300, 3.314, 3.330, 3.352, 3.443

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

2/12/2013 Update:

Monday’s Crude Pit Session:

High: 97.09

Low: 95.16

Close:  97.01

Looking ahead to today:

We saw crude oil prices catch an initial offer off opening bell with active dealer selling.  However, a series of early Geopolitical news releases including two separate explosions in Sierra and Istanbul combined with an announcement from the ECB stating that the Euro was not overvalued put upward pressure on crude as the dollar started showing weakness.  Additionally, we saw the Brent/WTI spread tighten by almost a 1.70 helping push crude to close and settle above the 97.00 handle.  This rise in prices continued throughout the overnight session making new highs at 97.45 as North Korea defied the world by conducting another underground nuclear test.   That said, we will need to keep a close eye on any Geopolitical news that could continue driving prices to the upside.  We also need to pay close attention to today’s API report due out later today as analysts are predicting a 2.35M rise in crude inventories ahead of tomorrow’s closely watched DOE report.   As today’s trading session unfolds keep in mind we are still trading in a 95.00 to 98.00 trading range and crude oil traders are looking for a close and settle below the 95.00 handle as an indication to get short and possibly take us down to the 86.00 area.  Conversely, the upside line in the sand that could push us into the 100-102 handles remains a close/settle above the 98.00-98.30 areas.  

Levels:

Support: 97.01, 96.42, 95.75, 95.16, 94.97, 94.49

Resistance:  97.45, 97.68, 98.00, 98.30, 100.28

  

Monday’s Natural Gas Pit Session:

High: 3.295

Low: 3.211

Close:  3.280

Looking ahead to today:

Mondays Natural Gas prices caught a slight offer at opening bell making lows at 3.211 the lowest since Jan 11th.  Before catching a relatively strong bid to the upside pairing some of its losses for the session.  We need to keep a close eye on the 3.200-3.050 area support levels, as a hold of these support levels could possibly push us back to the top of our range.  We also need to stay on top of this week’s latest weather forecasts as continuing cold weather reports may act as support in this market.

Levels:

Support: 3.295, 3.261, 3.228, 3.211, 3.207. 3.173

Resistance: 3.316, 3.327, 3.349, 3.400, 3.437

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

2/11/2013 Update:

Friday’s Crude Pit Session:

High: 96.57

Low: 95.27

Close:  95.72

Looking ahead to today:

We saw Friday’s crude oil prices catch a bid at opening bell off better than expected news out of the U.S., China and Germany.   However this push up was once again short lived as we saw Brent break the 119 handle to the upside pushing the March WTI/Brent spread wider by about 1.30 to 23.00.   Once this spread broke 23.00 we saw dealers and locals sell hard off 96.57 highs to lows at 95.72.   Although we saw some long covering by locals into the close leading us to settle at 95.57, the overall sentiment in the pit was bearish.  Looking ahead to this week, we may remain locked in the 95-98 dollar range we have been trading in since the middle of January.  Many floor traders are still looking for a close and settle below the 95.00 handle as an indication to get short and possibly take us down to the 86.00 area.  Conversely, the upside line in the sand that could push us into the 100-102 handles remains a close/settle above the 98.00-98.30 areas.  That said, we need to keep an eye on any major Geopolitical or Economic news this week that could ultimately become the catalyst to break this 95-98 trading range.

Levels:

Support: 95.27, 95.14, 95.04, 94.55, 93.55

Resistance:  95.85, 96.44, 96.57, 97.15, 98.00

  

Fridays’ Natural Gas Pit Session:

High: 3.327

Low: 3.261

Close:  3.272

Looking ahead to today:

Fridays Natural Gas prices caught a slight bid at opening bell making pit session highs at 3.327.  However, colder weather forecasts and the major winter storm that was bearing down on the East Coast was still not enough to offset the very large storage levels we are seeing in the Natural, or the fact that the winter heating season is rapidly coming to an end.  We need to keep a close eye on the support level in 3.250 areas this week.  A hold of these support levels could possibly push us back to the top of our range.  We also need to stay on top of this week’s latest weather forecasts as continuing cold weather reports can still act as some support in this market

Levels:

Support: 3.256, 3.236, 3.211, 3.140

Resistance: 3.382, 3.308, 3.327, 3.353

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

2/8/2013 Update:

Thursdays’ Crude Pit Session:

High: 97.21

Low: 95.54

Close:  95.84

Looking ahead to today:

We saw crude yesterday catch a bid off opening bell on news that Iran would no longer discuss their oil production and nuclear programs with the U.S.  However, this push up was short lived as we saw the Equities markets pull back dragging Crude, RBOB and Heating Oil with it.   Yesterday’s price action clearly kept us locked in the same 95-98 dollar range we have been trading in since the middle of January.  We will most likely stay in this range until we see some major economic data is released or tensions in the Middle East escalate.   The very low volatility we have been seeing further confirms that we should not expect to see any major price swings keeping us locked in this range.  A close and settle above the 98.00-98.30 will still be bullish indication that we could slowly drift up to the 100-102 handle and a settle below the 95-94.50 handle could push us down to the 90-86 handles breaking our range in either direction.

Levels:

Support: 95.84, 95.54, 95.34, 95.00, 95.64

Resistance:  96.28, 97.02, 97.21, 97.95, 98.30

  

Thursday’s Natural Gas Pit Session:

High: 3.428

Low: 3.282

Close:  3.286

Looking ahead to today:

Yesterday’s Natural Gas Storage report showed a smaller than expected draw in inventories pushing prices lower for most of the pit session settling below the 3.410 support level.  We now need to keep a close eye on our next support levels of 3.280-3.250 areas.  A hold of these support levels could possibly push us back to the top of our range.  This week’s 6-10 weather forecasts combined with the major winter storm hitting the Northeast will act as some support in this market.

Levels:

Support: 3.282, 3.226, 3.169, 2.998

Resistance: 3.340, 3.397, 3.453, 3.511

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

2/7/2013 Update:

Wednesdays’ Crude Pit Session:

High: 96.99

Low: 95.14

Close:  96.64

Looking ahead to today:

We are looking at a stronger bullish type market before today’s pit session bell as we caught a strong bid off yesterday’s 95.14 lows making new overnight highs at 97.17.   If this uptrend continues we need to see a break and close above the 98.00-98.30 level to possibly push us into the 100.00-102.00 handle as options suggest.  If we do close and settle above the 98.00 handle we are expecting a slow drift up to the 100’s unless tensions in the Middle East escalate which would cause a rapid spike in prices.  Conversely, we are looking at a break below the 95.00-94. 50 support levels to be a bearish indication that could push us down into the 90.00 to 86.00 handle.   This still remains a possibility as we saw the 94-90 PUT levels still trading heavily yesterday as supply remains high and heating season is coming to an end.  

Levels:

Support: 96.26, 95.52, 95.04, 94.41, 92.56

Resistance:  96.99, 97.37, 98.30, 99.00, 99.96

Wednesdays’ Natural Gas Pit Session:

High: 3.459

Low: 3.413

Close:  3.419

Looking ahead to today:

We have seen natural gas trading higher during the last few pit sessions off of colder 6-10 day weather reports and talk of a major snow event hitting the East Coast this weekend.  However,  keep in mind that’s this market is still being driven by extremely high inventory levels and technical weather patterns and we are currently trading near the major 3.40-3.60 levels where many traders are looking to possibly cover long positions.   That said,  we need to keep a very close eye on todays 11am Storage numbers (-135 BCU Draw Forecasted) as a larger than expected draw could continue to push prices higher and a smaller draw may spark long covering at these levels.

Levels:

Support: 3.433, 3.407, 3.398, 3.372

Resistance: 3.459, 3.468, 3.494, 3.555

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

2/6/2013 Update:

Tuesdays’ Crude Pit Session:

High: 97.07

Low: 96.53

Close:  96.66

Looking ahead to today:

Despite the more the 50 cent break even trading range from yesterday’s pit session, there is not too much to speak of. Last night he had the API inventory numbers come out for crude and products, with crude showing a larger than expected build of 3.625 million barrels. The Cushing OK plant shows a small draw of 24k but the build still gives us a selling opportunity as our analysts forecast for crude inventories are looking for a build anywhere from 2.5 million to 3 million barrels. In the pit, volatility offered yesterday by 2 vols lower, as skew shows offer by way of mid and back month calls coming in.  Basically telling us, there are no new buyers in the market until we pass this 98 dollar handle. Big trades did go off in the pit yesterday, but there was no follow through because volatility was on the offer and moving lower. Ahead of our opening bell and in reaction to the last nights API inventory numbers, crude is trading lower in the overnight session with implied volatility up 2 vols.  That said, we want to keep an eye on today’s 1030am inventory numbers and watch the technical levels above the 98 to 98.30 for a bullish breakout or a break below the 95 to 94.50 for a bearish sell off. 

Levels:

Support: 96.02, 95.38, 95.00, 94.50, 94.22

Resistance:  96.55, 97.07, 97.18, 97.70

Tuesdays’ Natural Gas Pit Session:

High: 3.407

Low: 3.318

Close:  3.401

Looking ahead to today:

We saw natural gas trade higher yesterday off a colder than expected weather report in the next 6 to 10 days. Keep in mind, the high production issues going on with natural gas is still impacting this market. This market right now is solely driven by technical weather patterns and inventories at the moment so we have to keep an eye on all of them. We are expecting to see Natural push up to the 3.45 to 3.60 level and then possibly watch it sell off.  However, tune in for a full commentary to get the complete breakdown on today’s Natural Gas pre- pit action.

Levels:

Support: 3.384, 3.336, 3.318, 3.270

Resistance:  3.451, , 3.480, 3.498, 3.612

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

2/4/2013 Update:

Friday’s Crude Pit Session:

High: 98.15

Low: 96.51

Close:  97.77

Looking ahead to today:

Crude oil inched its way up last week to the 97.50 to 98.00 levels and is now looking a little over bought.  That said, we could possibly see a sale coming into place here, UNLESS we close and settle above the 98.30.  Marty Errico, Analyst at Traders Audio, says “most floor traders he spoke to are looking to get short at 97.50, and the only way they will reverse their positions is if we get a close and settle above the 98.00 to 98.30 levels”.  The heating season is coming to an end and there is a lot of Crude oil inventory available.  Refineries are also having lots of problems cracking there crude oil into heating oil and gasoline, so there is a PUT to Crude oil prices.  On the other hand, tensions in the Middle East problems may escalate forcing prices to jump up.  A close and settle above 98.00, 98.30 can push prices into the 100 handle possibly topping out at 103.  If we don’t see a close and settle above 98 on crude prices may easily push to the low 90 dollar handle according to traders on the floor and as options suggest. 

Levels:

Support: 96.80, 96.51, 95.84, 95.47, 94.20

Resistance:  97.48, 98.15, 98.30, 98.44, 99.52

Friday’s Natural Gas Pit Session:

High: 3.387

Low: 3.278

Close:  2.297

Looking ahead to today:

Over Supply!!  That’s what many floor traders keep yelling out to me when I ask them what I think about Natural Gas.  Traders at the NYMEX are still waiting for that energy point in this market to take it short.  Levels to watch the short begin to come into play are 3.60 to 3.40 our long awaited resistance zone.  Keep in mind there is so much fracking going on across the United States that producers are shutting down Rig’s. This is currently creating a supply balancing act.  Shutting down rigs is only a quick fix there still is so much Natural out there that a sell may be coming soon.

Levels:

Support: 3.278, 3.259, 3.214, 3.105

Resistance:  3.323, 3.368, 3.387, 3.432

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