1/22/13 Update:  

Friday’s Crude Pit Session:   

High: 96.13

Low: 95.36

Settle: 95.94

Today’s Crude Pit Session: 

March crude oil Prices closed Friday’s session with just a slight gain off opening prints as traders pushed prices up into the close settling at 95.94.   Starting this week’s trading session; Floor Traders seem to be struggling with ample crude inventories and the uncertainty about the outcome of the negotiations on the U.S debt ceiling.  That said,  we need to keep a close eye on news out of Washington Additionally, as the February front month contract expires today and we officially roll to March, we will be watching the March Brent/WTI spread and the options pits to see how the big  players are positioning themselves. 

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  

Friday’s Natural Gas Pit Session:   

High: 3.578

Low: 3.488

Close / Settle: 3.566

Today’s Natural Gas pit session:  

Natural Gas Traders continued pushed prices higher Friday after Thursdays Storage Report showed a larger than expected draw of -148BCF verse the forecasted -135BCU draw.   This draw combined with colder temperatures across the U.S. may continue to put upward pressure on prices.  That said, we need to keep a close eye on this week’s long term weather forecasts to see if this trend may continue. 

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