3/26/2013 Update:
Previous Crude Pit Session:
High: 95.69
Low: 94.01
Close: 94.76
Looking ahead to today:
We saw crude oil prices push to their highest level since mid-February to 95.65 off of the bailout deal in Cyprus. However, we then saw the market sell off as comments out of the EU suggested that the bailout can be a template for all of Euro Zone pushing us all the way down to 94.01 before catching a bid into the close and settling at 94.79. Looking ahead to today we have seen a bullish overnight Globex session an opening print above yesterday high or settle will be a very bullish indication for upside possibly into the 97-98 handles as options suggest and as the Brent/WTI spread continues to tighten into the 12.00 handle or lower. We need to pay close attention to today’s API numbers ahead of tomorrow’s DOE report that is predicting a 1.5M build in inventories as a build may put downward pressure on prices. Additionally, will also need to continue to monitor the Cyprus situation and how it impacts the markets as well as any Geopolitical news out of the Middle East.
Levels:
Support: 95.08, 94.82, 94.01, 93.18, 91.54
Resistance: 95.69, 96.46, 97.18, 97.78, 98.10
Previous Natural Gas Pit Session:
High: 4.016
Low: 3.885
Close: 3.887
Looking ahead to today:
We saw April Natural Gas prices fail to hold above the 4.000 level on once again in the May contract and we broke and closed below the 3.90 support level. Yesterdays bearish price action combined with increased PUT activity in the options suggests Natty’s strong uptrend may be coming to an end and we can expect to see prices continue to fall. That said we will need to keep a close eye on our long and short term weather forecasts and watch how Natural Gas reacts at key support levels to confirm this strong up trend is coming to an end.
Levels:
Support: 3.860, 3.827, 3.776, 3.640, 3.600
Resistance: 3.963, 3.996, 4.016, 4.048, 4.184
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