12/19/2012 Update:

Tuesday’s Crude Pit Session: 

High: 88.63

Low: 87.68

Settle: 88.35

Looking ahead to today’s crude pit session:

Last night’s API report shows that crude oil inventories were down -4.1M barrels, gasoline supplies up +4.2M barrels and distillates, including diesel fuel and heating oil were also down -4.2M barrels.  Today’s 1030am DOE inventory report is forecasting a -900,000M barrel draw in crude oil inventories and a build in gasoline and in distillate supplies.   Using last night’s API report as a leading indicator, we may see Crude DOE inventories come in lower than forecasted possibly putting upward pressure on Crude oil prices as have already seen in last night’s Globex session.

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

www.crudesquawk.com

Levels: 

Support: 88.63, 88.53, 88.21, 87.79, 87.60, 87.26, 87.26

Resistance:  89.16, 89.50, 90.00, 90.11, 90.61, 91.00

Tuesdays’s Natural Gas Pit Session: 

High: 3.450

Low: 3.372

Close / Settle: 3.415

Today’s Natural Gas pit session:

We saw natural gas traders sell the 3.450 level pretty heavy yesterday making session lows at 3.372.  This may be a bearish indication that prices will continue to fall.  However, we are seeing some weather patterns forming in the USA that may put upward pressure on prices ahead of tomorrow’s 1030am inventory number. 

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

www.crudesquawk.com

Levels: 

Support:  3.334, 3.317, 3.288, 3.278

Resistance:  3.345, 3.372, 3.392, 3.450