1/17/13 Update:  

Wednesdays’ Crude Pit Session:   

High: 94.36 

Low: 93.21

Settle: 94.24

Today’s Crude Pit Session: 

Yesterdays DOE Inventory report showed an unexpected draw of inventories at -1.0 million barrels verses the forecasted 2.0 million barrel build driving crude oil prices up to close and settle near session highs at 94.24.  As we continue to roll and Feb Options expire we are seeing pit traded volume increase dramatically in the March Front month as well as the March Brent/WTI spread continue to tighten putting further pressure on WTI prices to the upside.  Today we will be keeping a close eye on the options pits to see how the big players are positioning themselves in March.  Traders are still looking at Fridays pit session lows of 92.65 as support and 94.70 as resistance in the Feb front month.    An open above the 94.70 level may push us up to the 96-97 handle.  

Tune in to today’s Traders Audio Crude Squawk Broadcast to hear a full analysis and pit commentary.   

Levels:  

Support:  94.36, 93.76, 93.21, 93.10, 92.65

Resistance:  94.70, 95.02, 95.50, 96.00, 96.28  

Wednesdays’ Natural Gas Pit Session:   

High: 3.457

Low: 3.364

Close / Settle: 3.439

Today’s Natural Gas pit session:  

Natural Gas sold off quite aggressively yesterday early in the session making lows at 3.364 before rallying and settling at 3.439.  Today’s 1030am Natural Gas Storage report is predicting at -135BCU draw in inventories.  We need to pay close attention to this report as a larger than expected draw my push prices to the upside conversely a build in inventories may put pressure to the downside.

 Tune in to today’s Traders Audio Crude Squawk Broadcast to hear a full analysis and pit commentary.   

Levels:   

Support:  3.372, 3.364, 3.322, 3.229

Resistance:  3.415, 3.457, 3.508, 3.601

Listen Live for free until Jan 24th! 

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