12/14/2012 Update:

Thursday’s Crude Pit Session: 

High: 86.97

Low: 85.91

Settle: 85.90

Looking ahead to today’s crude pit session:

We saw very low volume traded during Thursdays pit session, with only 4,829 open outcry total contracts traded.  Although we saw Dollar future trade up almost 100 points, crude only traded within a 1.16 range.   Crude Oil traders moved the market based solely on supply and demand on the heels of yesterdays FOMC decision.  We did see 500 Feb 90 Puts and over 500 Feb 80-8150 Puts traded in the options pits.  The trade of the day in the options pit was the Jan 85.50 to 87.50 straddle as energy traders prepared for options to expire at the end of Globex Trading Session.  Traders will be keeping a close eye on news out of Washington regarding the fiscal cliff that continues to threaten economic growth and fuel demand.

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

www.crudesquawk.com

Levels: 

Support: 86.14, 86.00, 85.91, 85.28, 84.12

Resistance:  86.97, 87.07, 87.60, 87.68, 88.76