12/12/2012 Update:

Tuesday’s Crude Pit Session: 

High: 85.95

Low: 85.21

Settle: 85.76

Looking ahead to today’s crude pit session:

Last night’s API report shows that crude oil inventories were up 4.3M barrels, gasoline supplies up +2.8M barrels and distillates, including diesel fuel and heating oil also increased by 2.2M barrels.  Today’s 1030am DOE inventory report is forecasting a -2.6m barrel draw in crude oil inventories and a rise in gasoline and distillate supplies.   Using last night’s API report as a leading indicator, we may see Crude DOE inventories come in higher than the forecasted possibly putting downward pressure on crude oil prices.  We also need to keep a close eye on today’s OPEC meeting in Vienna as any changes in output production may dramatically impact crude oil prices. 

Tune in this morning to hear a full analysis and pit commentary.  

www.crudesquawk.com

Levels: 

Support: 86.07, 85.78, 85.64 85.33, 85.21, 84.90, 84.50, 84.16

Resistance:  86.37, 87.12, 87.64, 88.00, 88.50, 89.00

Tuesdays’s Natural Gas Pit Session: 

High: 3.473

Low: 3.931

Close / Settle: 3.410

Today’s Natural Gas pit session:

We closed and settled yesterday again below the key 3.520 support area.  We also failed to break Mondays pit session highs of 3.473.  This is a bearish indication that natural gas prices may continue to fall ahead of tomorrow’s inventory report which is forecasting a -4 BCF draw.  Traders are looking at the 3.350 and 3.200 to be our nest major levels of support. 

Tune in this morning to hear a full Analysis and pit commentary.

www.crudesquawk.com

Levels: 

Support:  3.391, 3.350, 3.335, 3.200

Resistance:  3.428, 3.451, 3.473, 3.486, 3.509