1/11/2013 Update:

Thursdays Crude Pit Session: 

High: 94.61     

Low: 93.61

Settle: 93.82

Looking ahead to today’s crude pit session:

Traders quickly pushed prices lower yesterday after crude made overnight highs of 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.  Prices dropped further last night on news that Chinas inflation rate climbed to a 7 month high.  Traders are now looking ahead to today’s US Trade Balance data as well as any key geopolitical news to give us an indication whether this down trend may continue.

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

www.crudesquawk.com 

Levels: 

Support: 93.00, 92.75, 92.42, 92.00, 91.49, 91.00

Resistance:  93.44, 93.61, 93.82, 94.01, 94.59, 94.70, 94.87 

Thursdays Natural Gas Pit Session: 

High: 3.211

Low: 3.128

Close / Settle: 3.194

Today’s Natural Gas pit session:

Traders pushed Natural Gas prices higher after yesterdays EIA data showed a larger than expected draw of -201 BCF.  Over the last four weeks natural gas storage has declined -490 BCF this may be the beginning of a change in the market direction as the temperatures across most of the country may be below normal beginning the third week in January. If the these actual temps are in line with the latest NOAA projections we could see inventory withdrawal levels continue to decline heading into February.

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

www.crudesquawk.com/

Levels: 

Support:  3.171, 3,128, 3.122, 3.082, 3.050

Resistance:  3.2.11, 3.219, 3.260, 3.347