3/25/2013 Update:

Previous Crude Pit Session:

High: 93.79

Low: 92.52

Close:  93.67

Looking ahead to today:

We saw crude oil catch a huge bid into the close Friday as the Brent/WTI spread narrowed to its tightest level since July 2012.   Crude prices also caught a slight bid in the overnight session making high prints at 94.25 off the news that Cyprus has reached a new deal.  We are looking at opening prints above 94.10 to be a bullish indication that could possibly push us back to the top of our range.  However moving forward this week we will need to continue to monitor the Cyprus situation and how it impacts the markets as well as any Geopolitical news out of the Middle East.

Levels:

Support:  93.94, 93.67, 93.33, 92.86, 92.52, 92.06

Resistance: 94.27, 94.60, 94.90, 95.87, 96.00, 96.50

  

Previous Natural Gas Pit Session:

High: 4.006

Low: 3.913

Close:  3.924

Looking ahead to today: 

We saw April Natural Gas prices fail to hold above the 4.000 level on Friday once again and the May front month traded in a similar fashion as well also failing to hold above the 4.000 level.  That said, although we are still seeing colder than normal temperatures across most of the country, it appears that this strong uptrend may be coming to an end.  As the April contract expires tomorrow we will are keeping a close eye on the May options to see how traders are positioning themselves as well as watching key support levels for clues that this uptrend is really slowing down.  Our long and short term weather forecasts will also be a key factor this week as we should see some warming temperatures come in to play over the next few weeks that will quickly weaken Natural Gas demand.

Levels:

Support:  3.952, 3.913, 3.898, 3.859, 3.766

Resistance: 3.991, 4.006, 4.025, 4.045, 4.138

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