2/20/2013 Update:

Tuesday’s Crude Pit Session:

High: 97.17

Low: 96.03

Close:  97.11

Looking ahead to today:

We saw yesterday’s crude oil prices pushed higher by mostly locals throughout the early pit trading session off positive data out of Germany and off of reports that the Seaway Pipeline flows would only average 295,000 BPD rather than the 400,000 BPD that was originally predicted.   Then we witnessed the pit catch a strong bid into the closing bell by dealers and locals as the S&P approached and hit 5 year highs.   We are still trading in a 98.00-95.00 range from mid- January.  That said, traders are still looking for a close and settle above or below these areas to officially break these ranges.   We need to keep a close eye on Todays API report due out later today ahead of tomorrow’s DOE numbers that are delayed one day to the holiday.  This week’s inventory numbers may give us a good indication of where crude oil process may be heading in the coming week.   

Levels:

Support: 96.77, 96.37, 95.80, 95.63, 95.44, 94.49

Resistance:  97.17, 97.51, 97.89, 98.30, 99.05

   

Tuesday’s Natural Gas Pit Session:

High: 3.279

Low: 3.218

Close:  3.273

Looking ahead to today:

We saw Natural Gas prices on the bid for most of yesterday’s pit session closing and settling near session highs at 3.273.   A break of the 3.322 resistance could possibly bring us to the top of our range at the 3.459 area ahead of tomorrow’s Storage Report that is forecasting a -119BCF draw.   Traders are still looking at the 3.100 level as major support. A break below this level could push us to the 3.000 or possibly lower as this market continues to struggle to find support with the latest mild to normal weather forecasts

Levels:

Support: 3.286, 3.238, 3.197, 3.175, 3.123

Resistance: 3.312, 3.322, 3.353, 3.459, 3.468

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