1/8/2013 Update:

Crude pit session

High: 93.35

Low: 92.42

Close : 93.15

Yesterday we saw very low volume and volatility in the pits.  We have limited Economic data scheduled for release this week,  That said, the  crude market will be trading solely off technicals. We may continue to watch crude oil traders push prices up to the 94.50 - 95.00 levels  and then possibly see some covering come into the markets as our technical suggest.  In the options pit Monday,  We saw 750 Feb 95 puts trade, and 500 Feb 90 calls trade giving us a clue that we may see crude trade with in this new range this week.  We are also seeing open intrest increase slightly at the 97 handle as open intrest in the outright crude continue to fall.  

Please watch the daily commentary video for more detail, and come join us at 8:50AM for a full market recap.

Levels

Resistance: 93.90 , 94.50, 94.80 , 95.00

Support:  93.00 92.50, 92.00, 91.50

Natural Gas Pit session:

High: 3.352

Low : 3.238

Close : 3.266

Looking back at yesterday’s pit session for Natural gas we saw lower price due to a warmer then expect weather forecast for the United States. We may continue to watch prices push lower in the next week due to this 6 to 10 day projection.  Another important variable will be the inventory number later this week with early expectations coming out with a build in Natural gas.

Levels

Resistance: 3.352, 3.400, 3.480, 3.500

Support: 3.230 , 3.190. 3.150, 3.050