1/15/2013 Update:

Mondays Crude Pit Session: 

High: 94.24

Low: 92.95

Settle: 94.23

Looking ahead to today’s crude pit session:

Crude oil traders pushed prices lower yesterday early in the session making lows at 92.95.  This seemed to fueled by the Brent/WTI oil spread which widened to 17.80 vs 17.10 on Friday.   This push down was short lived as we saw crude oil prices rally late in the session making and settling near new session highs at 94.23.  As we move closer to contract roll over, we need to keep a close eye on today’s API inventory ahead of Wednesdays EIA Inventory report for an indication on what direction oil prices may go.  Pit Traders are still 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.  

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Levels: 

Support: 94.40, 94.70, 94.61, 94.87, 95.24, 96.00, 97.00

Resistance:  94.24, 94.04, 93.78, 93.41, 92.95, 92.65, 91.52

Mondays Natural Gas Pit Session: 

High: 3.411

Low: 3.363

Close / Settle: 3.372

Today’s Natural Gas pit session:

We watched Natural Gas settle near opening prints during Mondays pit session at 3.372 as the latest NOAA six 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.   We will need to keep a close eye on Thursday’s upcoming inventory report as a larger than expected draw in inventory combined with cold weather forecasts could continue to push prices higher

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

Listen Live for free until Jan 24^th!

www.tradersaudio.com  User ID: crude Password: squawk 

Levels: 

Support:  3.346, 3.337, 3.304, 3.278, 3.230

Resistance:  3.372, 3.378, 3.411, 3.420, 3.452, 3.526