3/11/2013
Update:
Previous
Crude Pit Session:
High:
92.03
Low:
90.91
Close: 91.88
Looking
ahead to today:
We
saw crude oil prices trade with choppy price action early in the pit session
before catching a strong bid into the close that briefly broke us into the
92.00 handle before closing at 91.88.
Going into this week we will need to keep a close eye on the Dollar and
Brent/WTI spread as they will continue to have a major impact on the crude oil
market as we saw last week. We are still looking at 92-92.50 to be major
resistance to the upside, a break and settle above these areas could be a
bullish sign that can bring us back up to the 95.00 area. If we do not see a close and settle above
this area many traders are expecting this market to sell off to the 90-88
handle as options suggest.
Levels:
Support: 91.61, 91.18, 90.00, 90.83, 90.49, 98.37
Resistance:
92.03, 92.30, 92.55, 92.73, 93.00, 93.85
Previous Natural
Gas Pit Session:
High:
3.635
Low:
3.565
Close: 3.629
Looking
ahead to today:
We saw Natural Gas Prices push to 3 month highs on Fridays session
as cold weather and snow continued in the Midwest. We will need to keep a close eye on this week’s
long and short term weather forecasts as heating session is coming to an end
and longer term reports are suggesting that a warming temperatures could come
into play nationwide later in the month reducing Natural Gas demand.
Levels:
Support:
3.581, 3.561, 3.538, 3.468
Resistance:
3.635, 3.651, 3.678, 3.748
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