1/10/2013 Update:

Wednesday’s Crude Pit Session: 

High: 93.65     

Low: 92.68

Settle: 93.09

Looking ahead to today’s crude pit session:

Crude oil prices pushed slightly higher early in the session yesterday making highs at 93.65.  Traders quickly pushed prices into negative territory following yesterdays EIA Inventory report that showed a build of 1.3 million barrels putting inventory levels at their highest since 1993.  However, crude rallied in the overnight session to 94.70 on economic data out of China that showed they beat export expectations by 14.1% in December and also on news that Saudi Arabia cut production levels 4.9% to 9.025 million barrels per day in December, its largest monthly drop since November 2008.  We saw the 95 PUT trade over 1000 times yesterday suggesting we may see some long covering at this level.  However, if we can break and hold above 95.00, increased options activity in the 96 and 97 strike prices suggest we may see traders make a run for these levels.  That said, we need to keep a close eye on today’s geopolitical news and key economic data for clues. 

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

Levels: 

Support: 93.85, 93.65, 93.27, 92.88, 92.68, 92.30, 91.33

Resistance:  94.70, 95.00, 95.27, 95.50, 96.00, 96.43, 97.00

Wednesday’s Natural Gas Pit Session: 

High: 3.172

Low: 3.087

Close / Settle: 3.113

Today’s Natural Gas pit session:

We watched Natural Gas prices push lower yesterday as traders continued to struggle with US weather forecasts calling for warmer temperatures.  We need to keep a close eye on today’s Natural Gas inventory report due out at 1030am and is forecasting a -185 BCU draw.  A larger draw than expected could cause prices to rally.  However, a build can easily continue to push us down to the 3.050 level

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

Levels: 

Support:  3.087, 3.050, 3.029, 2.916

Resistance:  3.142, 3.172, 3.200, 3.255