1/23/13 Update:  

Tuesday’s Crude Pit Session:   

High: 96.89

Low: 95.57

Settle: 96.69

Today’s Crude Pit Session: 

Crude Oil traders pushed prices up yesterday to 96.89 on speculations that the U.S. will increase its debt limit and off news that the Nebraska Governor approved the Keystone Pipeline route.  Feb Futures also expired yesterday at the close of pit session.   Analysts are predicting a 2.5 million barrel build in inventories ahead of today’s API report due out later today.  The DOE inventory due out tomorrow is predicting a 2.8 million build.   That said, we will need to keep a close eye on today’s API report due out later as a leading indicator into tomorrow’s DOE report as a larger than expected draw can push prices down.  We also will continue watching the March Brent/WTI spread and the options pits to see how the big players are positioning themselves into the March Contract. 

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

Levels:  

Support:  96.14, 95.57, 94.68

Resistance:  96.52, 96.89, 97.06, 97.44, 98.36  

Tuesday’s Natural Gas Pit Session:   

High: 3.610

Low: 3.501

Close / Settle: 3.561

Today’s Natural Gas pit session:  

Natural Gas Traders pushed prices lower yesterday due to above normal weather temperatures forecasted by NOAA 6-10 day forecast, despite very cold current weather patterns in the US.   That said, we will need to keep a close eye on tomorrows inventory report as a larger than expected draw could push prices up and a build could produce further downward 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:  3.507, 3.454, 3.349

Resistance:  3.556, 3.612, 3.664, 3.769

Listen Live for free until Jan 24th! 

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