1/3/2013 Update:

Wednesdays Crude Pit Session: 

High: 93.87     

Low: 92.58

Settle: 93.10

Looking ahead to today’s crude pit session:

We saw crude oil prices push prices down yesterday as many traders speculated that the US fiscal cliff deal may not be adequate enough to generate major growth in our economy resulting in less consumption.  Additionally, geopolitical news out of Iran that it was lifting vessel sail restrictions off its coast further fueled downward pressure on prices.  We are going to keep a close eye on API numbers due out later today to give us insight into tomorrow’s DOE inventory report due out tomorrow at 11am.  (2 days later due to the Holidays)  The DOE is forecasting a -1.9M barrel draw in inventories.  We are also continuing to keep a close eye on the options pits to see how the big players are position themselves for the weeks ahead.

Tune in this morning to hear a full analysis and pit commentary.

www.crudesquawk.com

Levels: 

Support: 92.58, 92.48, 92.25, 91.68, 91.00, 90.25

Resistance:  93.06, 93.68, 93.87, 94.00, 94.44, 95.00, 95.82

Wednesdays Natural Gas Pit Session: 

High: 3.271

Low: 3.176

Close / Settle: 3.237

Today’s Natural Gas pit session:

We watched Natural Gas prices continue to push lower for the third session in a row making lows at 3.176 as traders continued to struggle is the latest shirt in US weather forecasts calling for warmer temperatures.  We need to keep a close eye on tomorrow’s inventory report due out at 11am to see if this downward trend may continue.  Traders are looking at 3.050 as a major level of support and 3.500 to be major resistance level 

Tune in this morning to hear a full analysis and pit commentary.

www.crudesquawk.com

Levels: 

Support:  3.205, 3.176, 3.050, 2.897

Resistance:  3.242, 3.271, 3.343, 3.361, 3.500