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
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