12/20/2012 Update:
Wednesdays Crude Pit Session:
High: 90.33
Low: 88.65
Settle:
90.00
Looking
ahead to today’s crude pit session:
Crude oil
prices pushed up to new highs after yesterdays DOE inventory levels came in
close to the expected .09m barrel draw. (Actual
1.0m) making pit session highs at 90.33 and settling at 90.00. With continued downward pressure on the
dollar we could possibly see oil trader’s push prices up into the 91-92
handle. However, we may chop around this area today ahead Washington’s
vote on John Boehner’s plan to raise taxes on incomes over 1 million in an
attempt to avoid the fiscal cliff.
Levels:
Support: 90.00,
89.40, 89.00, 88.65, 88.47, 88.27, 88.00, 87.34, 85.28
Resistance: 90.33, 90.53, 90.90, 91.46, 92.00, 92.50,
93.00, 93.52
Wednesdays Natural Gas Pit Session:
High: 3.356
Low: 3.284
Close / Settle:
3.321
Today’s
Natural Gas pit session:
Natural gas
continued to trade lower yesterday after gapping down in the previous overnight
session. Analyst are forecasting a -73
BCU draw in inventories due out at 1030am today. If this number comes in lower we may see
traders push prices back to the top of the range. However, any type of build in inventories may
continue to push prices to the downside. Traders are looking to 3.260 and 3.200
as major levels of support.
Tune in this
morning to hear a full Analysis and pit commentary.
Levels:
Support: 3.347, 3.321,
3.284, 3.260, 3.200
Resistance: 3.397,
3.411, 3.450, 3.477, 3.500
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