12/11/2012 Update:
Monday’s Crude Pit Session:
High: 86.65
Low: 85.33
Settle: 85.59
Looking ahead to today’s crude pit session:
We saw crude oil prices chop in a very tight range yesterday until finally falling to the 85.33 support level. We need to keep a close eye on tonight’s API report to give us some insight into tomorrow’s 1030am DOE inventory report which is forecasting a -2.6M barrel draw. A larger than expected draw combined with increased factory production in China and positive economic news out Germany may push prices higher. We may see Crude oil continue to trade in its current range today ahead of this DOE Report or unless we hear news out of Washington regarding the fiscal cliff. 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 on OPEC meeting in Vienna, Austria and this week’s FOMC meetings
Tune in this morning to hear a full analysis and pit commentary.
Levels:
Support: 85.86, 85.59, 85.33, 85.00, 84.54
Resistance: 86.38, 86.65, 86.78, 87.18, 88.00, 88.50
Monday’s Natural Gas Pit Session:
High: 3.473
Low: 3.415
Close / Settle: 3.464
Today’s Natural Gas pit session:
We closed and settled yesterday below the key 3.520 support area. This could be a bearish indication that energy traders will continue to push prices down to the next major support areas at the 3.350 and 3.200 levels. This overall bearish sentiment is being driven by high inventory levels combined with warmer than usual weather patterns in the US.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.454, 3.415 3.389, 3.350, 3.200
Resistance: 3.494, 3.504, 3.559, 3.664
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