12/13/2012 Update:
Wendsday’s Crude Pit Session:
High: 87.69
Low: 86.06
Settle: 86.79
Looking ahead to today’s crude pit session:
We saw crude oil prices rise and make weekly highs despite the DOE reporting a higher than expected build in Crude +.08M, Gasoline +5.0M and Distillates +3.3 million barrels. OPEC also announces that it would keep oil production target unchanged at 30 million barrels per day. Crude oil traders would normally react bearishly to builds in inventory and production reports, however, the FOMC announced it was continuing and expanding its monetary stimulus driving prices to the highs at 87.69. This bullish push was short lived as lawmakers announced there were “some serious differences” between Republicans and Democrats on how to avoid the looming fiscal cliff that threatens to slow economic growth and fuel demand. We will need to keep a close eye on news out of Washington today on this issue as well as our 830 unemployment claims forecasted at 368K.
Levels:
Support: 86.06, 85.78, 85.22, 84.50, 83.60
Resistance: 86.84, 87.69, 88.46, 90.08
Wendsdays’s Natural Gas Pit Session:
High: 3.439
Low: 3.366
Close / Settle: 3.384
Today’s Natural Gas pit session:
Natural gas traded in a relatively tight range yesterday ahead of today inventory report which is forecasting a -4 BCF draw. We will need to keep a close eye on this inventory actual number to determine if traders will continue pushing prices lower to our major next major area of support at the 3.350 and 3.200 levels.
Tune in this morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.366, 3.350, 3.335, 3.200
Resistance: 3.396, 3.425, 3.439, 3.458
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