Marty Errico Energy Market Analyst

1/31/2013 Update:

Crude Pit Session:

High : 97.98

Low: 97.34

Settlement 97.94

Marty Errico Energy Market Analyst at Traders Audio Saw: 

Yesterday's pit session we saw a bid session after a poor GDP number and unchanged fed rate, and statement. GDP comes at -0.1% vs  a gain of 1.1% due to a decrease in government spending. We also saw the fed keep rates unchanged, and a lot of the say rhetoric  out of the FOMC. The fed wants to counties there asset purchasing program of 85 billion a month , and force  on employment rates falling to around 6.5 for them to make any changes in rates. In reaction to that we saw catch a little bit of a bid but the just a touch under 98 dollars. Traders are looking at the 98.30 as some near term resistance and possibly the 100 level. After getting a larger than expected build in crude oil inventories number we still saw the market trade higher supported by Rbob and heating trading higher. Other factor for crude to trade are , Brent crude holding above 115, spread prices are in contango  showing a firm crude market. Looking ahead today we watching for a pit session open above 98.30 to see bullish , if we open in 97 handle we can a show a choppy ahead of tomorrow Job number 

Check out the daily commentary http://crudesquawk.com/daily-commentary.html.

Levels:

Resistance: 97.75, 98.30, 99.52

Support: 97.53, 97.11, 96.44

Tuesdays Natural Gas Pit Session:

High: 3.334

Low: 3.273

Close:  3.336

Marty Errico Energy Market Analyst at Traders Audio Saw:

The Natural gas pits yesterday caught a nice bid settling near highs at 3.336, this push up was based on revised news of a bigger than expected draw down in inventories and Accuweather forecasts predicting six more weeks of winter in the Northeast region of the U.S.  Today’s 1030am Natural Gas storage report is predicting a -202 BCF draw in inventories.   A larger than expected draw could continue to push prices higher.  However, with inventory levels at 5 year record highs and 10% above normal average for the year, we could possibly see a limited reaction to today’s report

Tune in today to hear Marty's live analysis and pit commentary on all the NYMEX Energy Markets.   www.tradersaudio.com

Levels:

Support: 3.334, 3.299, 3.273, 3.231

Resistance:  3.334, 3.350, 3.391, 3.400