3/19/2013
Update:
Previous Crude
Pit Session:
High:
94.30
Low:
92.14
Close: 94.09
Looking
ahead to today:
We
saw crude oil prices trade in a wide 2.16 range before settling near high
prints at 93.09 after recovering from 4 day lows at 92.14. The early downward sentiment was mostly
driven by strength in the Dollar of fears out of Cyprus. Then we caught large bid off the Lows from Dealers
and locals as news that Syria began bombing the Lebanese border and a sentiment
among traders that the Cyprus issue may be overblown. We are looking at an open above the 94.00
handle as a bullish sign that could push us up to the top of our 95.00 as
options suggest. We need to keep a close
eye on Today's API report due out later as a build in inventories may bring us
back to the lows of our range and a draw my continue to put pressure to the
upside. Additionally, we need to continue
to monitor any Geopolitical news that can continue to impact this market.
For more information also check out our daily
commentary video at:
Levels:
Support: 93.91, 93.54, 92.76, 92.14, 91.36
Resistance:
94.32, 94.66, 94.94, 95.50, 95.72
Previous Natural
Gas Pit Session:
High:
3.961
Low:
3.877
Close: 3.883
Looking
ahead to today:
We
saw Natural Gas prices catch a bid early in the session making new highs at
3.961 before selling off to our low prints at 3.877. The overnight Globex session has continued to
chop sideways. We have seen some floor traders take on short positions
at the 3.90-3.91 levels, possibly suggesting that this strong uptrend may be
starting to stall. That said, we will
need to keep a close eye on how prices react at key levels this week as well as
any weather reports that may reverse or slow down this bullish up trend. Natty
may continue to chop sideways until Thursdays Storage report gives us a better
indication on current demand and storage levels.
For more information also check out our daily
commentary video at:
Levels:
Support:
3.858, 3.846, 3.799, 3.692
Resistance:
3.906, 3.953, 3.961, 4.013
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