1/14/2013 Update:

Fridays Crude Pit Session: 

High: 93.60     

Low: 92.65

Settle: 93.59

Looking ahead to today’s crude pit session:

Traders pushed crude oil prices lower during Fridays initial pit session on news that China showed accelerating inflation.  Meanwhile, we saw the completion of the seaway pipeline expansion continue to push prices lower on Brent Crude.   Traders are looking at Fridays pit session lows of 92.65 as the top our short term support zone as prices rallied off this level three times last week creating a triple bottom.  They are also looking at short term resistance at last week’s highs of 94.70.   An open and hold above this 94.70 could easily push us up into the 97-98 handle as options suggest.  An open or close below our short term support range 92.40-92.65 may push prices down to the 87-90.00 handle. 

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

www.crudesquawk.com

Levels: 

Support: 93.78, 93.60, 92.90, 92.65, 92.04, 90.50

Resistance:  94.70, 95.00, 96.48, 97.00, 98.42

Fridays Natural Gas Pit Session: 

High: 3.332

Low: 3.244

Close / Settle: 3.327

Today’s Natural Gas pit session:

We watched Natural Gas close higher on Friday session at 3.327 after Thursday’s inventory reports that showed a larger draw than forecasted.  The latest NOAA six to ten to fourteen day forecasts are expecting below normal temperatures across most of the US.  That said, we may continue to see the Natural Gas Traders continue to push prices to the 3.500-3.600 level and then pull back as options suggest.

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

www.crudesquawk.com

Levels: 

Support:  3.370, 3.341, 3.323, 3.278, 3.235, 3.150

Resistance:  3.389, 3.400, 3.419, 3.467, 3.500