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

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