1/9/2013 Update:
Tuesday’s Crude Pit Session:
High: 93.74
Low: 93.21
Settle: 92.67
Looking ahead to today’s crude pit session:
Yesterdays API report showed a 2.3 million barrel build in crude inventories, a 5.9 million barrel build in Distillates and a 7.9 million barrel build in Gasoline. Today’s 11am DOE report is forecasting a 900,000 build in crude inventories. Using last night’s API numbers as a leading indicator, we may see a larger build in DOE numbers than forecasted causing crude traders to push prices lower. We need to keep a close eye on RBOB and HO to see how they react to the projected build in inventories as these markets often front run crude prices. We are still looking at the 93.50 area as a major level of resistance, if we can break and hold above this level, options suggest we can easily push up into the 95.00- 97.00 handle. If crude oil traders cannot push through the 93.50-93.90 area, then we can expect prices to fall to the bottom of our range at the 90.00 handle.
Levels:
Support: 93.50, 93.74, 93.87,94.28, 95.00, 95.28, 95.41
Resistance: 93.15, 92.67, 92.49, 92.02, 91.50, 91.00, 90.89
Tuesday’s Natural Gas Pit Session:
High: 3.271
Low: 3.219
Close / Settle: 3.201
Today’s Natural Gas pit session:
We watched Natural Gas Pit trade nearly flat on the session closing and settling near open prints as traders continued to struggle with US weather forecasts calling for warmer temperatures. We need to keep a close eye on tomorrows Natural Gas inventory report due out at 1030am and is forecasting a -185 BCU draw. A larger draw than expected could cause prices to rally. However, a build can easily continue to push us down to the 3.050 level
Tune in this morning to hear a full analysis and pit commentary.
Levels:
Support: 3.163, 3.134, 3.050
Resistance: 3.218, 3.247, 3.271, 3.302, 3.386
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