12/10/2012 Update:
Fridays Crude Pit Session:
High: 86.74
Low: 85.88
Settle: 85.83
Looking ahead to today’s crude pit session:
On Friday we saw Crude oil prices trade sideways after non-farm unemployment figures came out a touch higher than expected. In the week ahead, we may see Crude oil continue to trade in its current range and/or chop around this area. Unless we hear news out of Washington regarding the fiscal cliff we are not anticipating any large moves in prices. Crude oil traders are still looking at 84 to 84.50 to be our major support area. We will also be keeping a close eye mind on this week’s OPEC meeting in Vienna, Austria.
On the fundamental side of crude: we have to keep our eye on the heating oil as prices may decline. This is due to lesser then expected jet fuel buying and increasing inventories. That said, we will be keeping a close eye on the swap spreads for both heating oil and crude.
Levels:
Support: 86.16, 85.70, 85.50, 84.50
Resistance: 86.92, 87.10, 88.57, 89.00
Fridays Natural Gas Pit Session:
High: 3.684
Low: 3.546
Close / Settle: 3.550
Today’s Natural Gas pit session:
Natural Gas has been continuing to pull back off the lower 4 dollar handle for the last few weeks. Our next major level of support is 3.520. A close and settle below this 3.520 support level will confirm a possible move down to the 3.350 and 3.200 support areas. Traders are expecting to see some type of retrace once these levels are hit and then natural gas prices to possibly push lower. This overall bearish sentiment is due to high inventory levels combined with last weeks’ news that we may experience warmer than usual weather patterns in the US this winter.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.520, 3.444 3.350, 3.250
Resistance: 3.590, 3.640, 3.735, 3.870
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