3/8/2013 Update:

Previous Crude Pit Session:

High: 91.73

Low: 90.89

Close:  91.53

Looking ahead to today:

We saw crude prices trade to the upside yesterday breaking above 100 DMA and the 91 handle making four day new highs at 91.73 off positive jobless claim data and weakness in the Dollar.   Today all eyes will be on unemployment numbers due out at 8:30 am.   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.   However, keep in mind we saw the 90 put traded over 1000 times yesterday indicating we still have some downward potential in this market.   We also need to keep a close eye on our Brent/WTI spread as the Brent continues to trade in a bearish pattern.

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

Levels:

Support:  91.04, 90.54, 90.22, 89.70, 89.33

Resistance: 91.38, 91.73, 91.88, 92.22, 93.06

Previous Natural Gas Pit Session:

High: 3.603

Low: 3.493

Close:  3.583

Looking ahead to today:

We saw Natural Gas Prices push up to the 3.600 handle after Storage reports indicated a larger than expected draw in inventories -146 BCF vs -134BCF.  We need to keep an eye on the latest 6-10 and 8-14 day forecasts to see if we will possibly hold these highs or trade back down to the lows of our range. 

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

Levels:

Support: 3.458, 3.493, 3.462, 3.408

Resistance: 3.603, 3.633, 3.688, 3.828

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