3/12/2013 Update:

Previous Crude Pit Session:

High: 92.15

Low: 90.89

Close:  92.06

Looking ahead to today:

We saw crude oil traders on the offer early in yesterday’s pit session off slowing growth concerns in China and strong Dollar pushing prices 90.89 and creating a Triple Bottom which is now going to act as major support area.  Then we saw prices rally into the close as the Dollar started showing weakness and the Equity markets started to rise pushing us up to the 92.15 highs.  Looking ahead to today,  we will need to keep an eye on today’s Treasury budget due out at 2pm and tonight’s closely watched API report ahead of tomorrow’s DOE inventory numbers that are currently forecasting a bearish 2.3M build in inventories.  In anticipation of these numbers, we could see crude chop today in this new 90-92 range as yesterday’s options activity suggest. 

For more info check out yesterday’s daily commentary video:http://www.crudesquawk.com/daily-commentary.html

Levels:

Support:  91.70, 91.25, 90.89, 90.56, 90.44, 90.00

Resistance: 92.15, 92.28, 92.51, 92.96, 93.50, 94.21

Previous Natural Gas Pit Session:

High: 3.652

Low: 3.590

Close:  3.647

Looking ahead to today:

We continued seeing Natural Gas traders on the bid once again yesterday making highs at 3.652.   Technical price patterns are now suggesting that we may see a pullback off this area as we are now trading at the top of a major wedge with additional resistance at the 3.650, 3.660 and 3.680 areas.   That said, we will need to keep a close eye on this week’s weather forecasts and this week’s upcoming storage report to confirm this possible move to the downside.

For more info check out yesterday’s daily commentary video:http://www.crudesquawk.com/daily-commentary.html

Levels:

Support: 3.627, 3.601, 3.590, 3.565, 3.503

Resistance: 3.652, 3.664, 3.689, 3.751,

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