3/21/2013 Update:

Previous Crude Pit Session:

High: 93.60

Low: 92.47

Close:  93.52

Looking ahead to today:

We saw crude oil products all surprisingly catch an offer off of yesterday’s DOE showed a -1.3M draw in inventories vs the 2.8M forecasted build.   Prices did recover late in the session closing at 93.52 off news that the Feds were going to continue with their easing monetary policies.   We are looking for an open above yesterday’s highs as possible bullish indication that could bring us to the top of our range.  However we will need to keep a close eye on today’s data numbers as well as any Geopolitical news out of the Middle East and the EU that could impact this market.

Levels:

Support:  92.79, 92.47, 92.07, 90.94

Resistance: 93.20, 93.60, 93.92, 94.33, 95.46

Previous Natural Gas Pit Session:

High: 3.968

Low: 3.902

Close:  3.959

Looking ahead to today: 

We saw Natural Gas prices trade sideways early in the session before catching a slight bid and settling us out at 3.959.  Today all eyes will be on today’s 10:30 am storage report that is forecasting a bullish -70BCU draw in inventories.   As options remain bullish a draw in inventories can quickly push us up into the 4.000 range.   We have seen some short positioning come into play by dealers over the last few days suggesting that 4.000  levels will be the top of our range and we could possibly start to see some selling come into play.  That said we need to continue to see how prices will react at key levels

Levels:

Support: 3.975, 3.937, 3.897, 3.885, 3.846, 3.755      

Resistance: 3.988, 4.000, 4.010, 4.028, 4.119

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