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

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