3/22/2013 Update:

Previous Crude Pit Session:

High: 93.38

Low: 91.84

Close:  92.48

Looking ahead to today:

We saw crude trade in a wide range again yesterday falling to an 8 day low below the 200 day moving average off weak economic data out of the EU and continued uncertainty in Cyprus.   We did bounce back and close the day out at 92.48 as we saw the dollar drop and the Equity Markets rebound.   Prices traded up briefly in the overnight session into the 93.00 handle, suggesting we could possibly make another run for the 93.50 resistance area.  A break of this level can quickly take us to the top of our range.  We have no major economic data scheduled for release today.  That said, will need how prices react at key levels and keep a close eye on any Geopolitical news out of the Middle East and the EU that could impact this market.

Levels:

Support:  92.65, 91.92, 91.84, 91.36, 91.11 90.04

Resistance: 93.02, 93.38, 94.08, 94.25, 95.00, 95.73

   

Previous Natural Gas Pit Session:

High: 4.025

Low: 3.891

Close:  3.934

Looking ahead to today:

We saw Natural Gas prices close down on the session at 3.934 after yesterday’s Storage Report showed a less than expected draw in inventories -62BCF vs -70BCF.   Although we did trade up into the 4.000 handle making highs at 4.025,  we have an interesting scenario playing out as options activity remains bullish but we have seen many players taking short positions in the outrights for the past several days.  We are looking at the 3.900-3.860 as support for this current up trend to continue.   That said we will need to keep an eye on these levels and our long and short term weather forecasts as we should see some warming temperatures come in to play over the next few weeks that will quickly weaken Natural Gas demand.

Levels:

Support: 3.951, 3.934, 3.891, 3.877, 3.817   

Resistance: 3.978, 4.011, 4.025, 4.085, 4.170

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