Marty Errico Energy Market Analyst at Traders Audio Saw:

1/18/13 Update:  

Thursdays Crude Pit Session:   

High: 96.50

Low: 95.44

Settle: 95.94

Marty Errico Energy Market Analyst at Traders Audio Saw:

Crude oil traders continued to push prices higher yesterday following this weeks

DOE Inventory report showed an unexpected draw of inventories at -1.0 million barrels verses the forecasted 2.0 million barrel build and stronger than expected labor and housing marked data.  During last night’s trading session positive economic data out of China’s showed a 7.9%  rise in GDP in the fourth quarter from a year earlier, compared with 7.4 percent in the previous period.  Additionally, the IEA increased its 2013 global demand forecast by 240,000 BPD, forecasting that world consumption will increase by 900,000 barrels a day, or 1 percent, this year to average a record 90.8 million.  This news combined with reduced production in Saudi Arabia may continue to put upward pressure on crude oil prices.  As we continue to roll to the March front month we will be keeping a close eye today on the March Brent/WTI spread and the options pits to see how the big players are positioning themselves in March

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

Levels:  

Support:  95.58, 95.44, 95.00, 94.66, 94.27, 94.00, 93.35, 91.12

Resistance:  96.50, 96.89, 97.00, 97.50, 97.89, 98.00, 100.04  

Thursdays Natural Gas Pit Session:   

High: 3.529

Low: 3.396

Close / Settle: 3.491

Marty Errico Energy Market Analyst at Traders Audio Saw: 

Natural Gas Traders pushed prices to session highs of 3.529 after yesterdays   Storage Report showed a larger than expected draw of  -148BCF  verse the forecasted -135BCU draw .   This draw combined with the latest weather forecasts predicting below normal temperatures across most of the US for the next 6 to 14 days may continue to put upward pressure on prices

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

Levels:   

Support:  3.491, 3.463, 3.396, 3.380, 3.314

Resistance:  3.529, 3.547, 3.612, 3.761

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