2/11/2013 Update:

Friday’s Crude Pit Session:

High: 96.57

Low: 95.27

Close:  95.72

Looking ahead to today:

We saw Friday’s crude oil prices catch a bid at opening bell off better than expected news out of the U.S., China and Germany.   However this push up was once again short lived as we saw Brent break the 119 handle to the upside pushing the March WTI/Brent spread wider by about 1.30 to 23.00.   Once this spread broke 23.00 we saw dealers and locals sell hard off 96.57 highs to lows at 95.72.   Although we saw some long covering by locals into the close leading us to settle at 95.57, the overall sentiment in the pit was bearish.  Looking ahead to this week, we may remain locked in the 95-98 dollar range we have been trading in since the middle of January.  Many floor traders are still looking for a close and settle below the 95.00 handle as an indication to get short and possibly take us down to the 86.00 area.  Conversely, the upside line in the sand that could push us into the 100-102 handles remains a close/settle above the 98.00-98.30 areas.  That said, we need to keep an eye on any major Geopolitical or Economic news this week that could ultimately become the catalyst to break this 95-98 trading range.

Levels:

Support: 95.27, 95.14, 95.04, 94.55, 93.55

Resistance:  95.85, 96.44, 96.57, 97.15, 98.00

  

Fridays’ Natural Gas Pit Session:

High: 3.327

Low: 3.261

Close:  3.272

Looking ahead to today:

Fridays Natural Gas prices caught a slight bid at opening bell making pit session highs at 3.327.  However, colder weather forecasts and the major winter storm that was bearing down on the East Coast was still not enough to offset the very large storage levels we are seeing in the Natural, or the fact that the winter heating season is rapidly coming to an end.  We need to keep a close eye on the support level in 3.250 areas this week.  A hold of these support levels could possibly push us back to the top of our range.  We also need to stay on top of this week’s latest weather forecasts as continuing cold weather reports can still act as some support in this market

Levels:

Support: 3.256, 3.236, 3.211, 3.140

Resistance: 3.382, 3.308, 3.327, 3.353

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