1/16/2013 Update:

Tuesday’s  Crude Pit Session: 

High: 94.26     

Low: 93.22

Settle: 93.29

Looking ahead to today’s crude pit session:

Yesterdays API report showed a 46,000 barrel build in crude inventories, a -568K barrel draw in Distillates and a 2.7 million barrel build in Gasoline.  Today’s 1030am DOE report is forecasting a 2.0 million barrel build in crude inventories.   Using last night’s API numbers as a leading indicator, we may see a smaller than expected build in DOE numbers.  We also need to keep a close eye on RBOB and HO to see how they react to today’s inventory numbers as these markets often front run crude prices.  Pit Traders are still looking at Fridays pit session lows of 92.65 as the top our short term support zone as prices rallied off this level three times last week creating a triple bottom.  They are also looking at short term resistance at last week’s highs of 94.70.   A break above or below these levels  could easily  push prices up to the 97-98 handle or down to the 90-87 handle as options suggest.  As roll to the March front month continues we will be keeping a close eye on the options pits to see how the big players are positioning themselves in March contract. 

Tune in this morning to hear a full analysis and pit commentary. 

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Levels: 

Support: 93.22, 93.06, 92.65, 92.53, 92.00, 91.50, 91.31

Resistance:  93.29, 93.62, 93.75, 94.06, 94.26, 94.44, 94.70

Tuesday’s Natural Gas Pit Session: 

High: 3.464

Low: 3.347

Close / Settle: 3.456

Today’s Natural Gas pit session:

We watched Natural Gas catch a bid up late in the session on news of refinery fire in Texas making and settling close new highs at 3.464.  The latest NOAA six to fourteen day forecasts are expecting below normal temperatures across most of the US.  That said, we may continue to see the Natural Gas Traders continue to push prices to the 3.500-3.600 level and then pull back as options suggest.   We will need to keep a close eye on Thursday’s upcoming inventory report as a larger than expected draw in inventory combined with cold weather forecasts could continue to push prices higher

Tune in this morning to hear a full analysis and pit commentary.

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www.tradersaudio.com  User ID: crude Password: squawk 

Levels: 

Support:  3.411, 3.358, 3.347, 3.358, 3.328, 3.275, 3.139

Resistance:  3.464, 3.494, 3.547, 3.600, 3.683

1/15/2013 Update:

Mondays Crude Pit Session: 

High: 94.24

Low: 92.95

Settle: 94.23

Looking ahead to today’s crude pit session:

Crude oil traders pushed prices lower yesterday early in the session making lows at 92.95.  This seemed to fueled by the Brent/WTI oil spread which widened to 17.80 vs 17.10 on Friday.   This push down was short lived as we saw crude oil prices rally late in the session making and settling near new session highs at 94.23.  As we move closer to contract roll over, we need to keep a close eye on today’s API inventory ahead of Wednesdays EIA Inventory report for an indication on what direction oil prices may go.  Pit Traders are still looking at Fridays pit session lows of 92.65 as the top our short term support zone as prices rallied off this level three times last week creating a triple bottom.  They are also looking at short term resistance at last week’s highs of 94.70.   An open and hold above this 94.70 could easily push us up into the 97-98 handle as options suggest.  An open or close below our short term support range 92.40-92.65 may push prices down to the 87-90.00 handle. 

Tune in this morning to hear a full analysis and pit commentary.  

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Levels: 

Support: 94.40, 94.70, 94.61, 94.87, 95.24, 96.00, 97.00

Resistance:  94.24, 94.04, 93.78, 93.41, 92.95, 92.65, 91.52

Mondays Natural Gas Pit Session: 

High: 3.411

Low: 3.363

Close / Settle: 3.372

Today’s Natural Gas pit session:

We watched Natural Gas settle near opening prints during Mondays pit session at 3.372 as the latest NOAA six to fourteen day forecasts are expecting below normal temperatures across most of the US.  That said, we may continue to see the Natural Gas Traders continue to push prices to the 3.500-3.600 level and then pull back as options suggest.   We will need to keep a close eye on Thursday’s upcoming inventory report as a larger than expected draw in inventory combined with cold weather forecasts could continue to push prices higher

Tune in this morning to hear a full analysis and pit commentary.

Listen Live for free until Jan 24^th!

www.tradersaudio.com  User ID: crude Password: squawk 

Levels: 

Support:  3.346, 3.337, 3.304, 3.278, 3.230

Resistance:  3.372, 3.378, 3.411, 3.420, 3.452, 3.526

1/14/2013 Update:

Fridays Crude Pit Session: 

High: 93.60     

Low: 92.65

Settle: 93.59

Looking ahead to today’s crude pit session:

Traders pushed crude oil prices lower during Fridays initial pit session on news that China showed accelerating inflation.  Meanwhile, we saw the completion of the seaway pipeline expansion continue to push prices lower on Brent Crude.   Traders are looking at Fridays pit session lows of 92.65 as the top our short term support zone as prices rallied off this level three times last week creating a triple bottom.  They are also looking at short term resistance at last week’s highs of 94.70.   An open and hold above this 94.70 could easily push us up into the 97-98 handle as options suggest.  An open or close below our short term support range 92.40-92.65 may push prices down to the 87-90.00 handle. 

Tune in this morning to hear a full analysis and pit commentary.

www.crudesquawk.com

Levels: 

Support: 93.78, 93.60, 92.90, 92.65, 92.04, 90.50

Resistance:  94.70, 95.00, 96.48, 97.00, 98.42

Fridays Natural Gas Pit Session: 

High: 3.332

Low: 3.244

Close / Settle: 3.327

Today’s Natural Gas pit session:

We watched Natural Gas close higher on Friday session at 3.327 after Thursday’s inventory reports that showed a larger draw than forecasted.  The latest NOAA six to ten to fourteen day forecasts are expecting below normal temperatures across most of the US.  That said, we may continue to see the Natural Gas Traders continue to push prices to the 3.500-3.600 level and then pull back as options suggest.

Tune in this morning to hear a full analysis and pit commentary.

www.crudesquawk.com

Levels: 

Support:  3.370, 3.341, 3.323, 3.278, 3.235, 3.150

Resistance:  3.389, 3.400, 3.419, 3.467, 3.500

1/11/2013 Update:

Thursdays Crude Pit Session: 

High: 94.61     

Low: 93.61

Settle: 93.82

Looking ahead to today’s crude pit session:

Traders quickly pushed prices lower yesterday after crude made overnight highs of 94.70 on economic data out of China that showed they beat export expectations by 14.1% in December and also on news that Saudi Arabia cut production levels 4.9% to 9.025 million barrels per day in December, its largest monthly drop since November 2008.  Prices dropped further last night on news that Chinas inflation rate climbed to a 7 month high.  Traders are now looking ahead to today’s US Trade Balance data as well as any key geopolitical news to give us an indication whether this down trend may continue.

Tune in this morning to hear a full Analysis and pit commentary.

www.crudesquawk.com 

Levels: 

Support: 93.00, 92.75, 92.42, 92.00, 91.49, 91.00

Resistance:  93.44, 93.61, 93.82, 94.01, 94.59, 94.70, 94.87 

Thursdays Natural Gas Pit Session: 

High: 3.211

Low: 3.128

Close / Settle: 3.194

Today’s Natural Gas pit session:

Traders pushed Natural Gas prices higher after yesterdays EIA data showed a larger than expected draw of -201 BCF.  Over the last four weeks natural gas storage has declined -490 BCF this may be the beginning of a change in the market direction as the temperatures across most of the country may be below normal beginning the third week in January. If the these actual temps are in line with the latest NOAA projections we could see inventory withdrawal levels continue to decline heading into February.

Tune in this morning to hear a full analysis and pit commentary.

www.crudesquawk.com/

Levels: 

Support:  3.171, 3,128, 3.122, 3.082, 3.050

Resistance:  3.2.11, 3.219, 3.260, 3.347

1/10/2013 Update:

Wednesday’s Crude Pit Session: 

High: 93.65     

Low: 92.68

Settle: 93.09

Looking ahead to today’s crude pit session:

Crude oil prices pushed slightly higher early in the session yesterday making highs at 93.65.  Traders quickly pushed prices into negative territory following yesterdays EIA Inventory report that showed a build of 1.3 million barrels putting inventory levels at their highest since 1993.  However, crude rallied in the overnight session to 94.70 on economic data out of China that showed they beat export expectations by 14.1% in December and also on news that Saudi Arabia cut production levels 4.9% to 9.025 million barrels per day in December, its largest monthly drop since November 2008.  We saw the 95 PUT trade over 1000 times yesterday suggesting we may see some long covering at this level.  However, if we can break and hold above 95.00, increased options activity in the 96 and 97 strike prices suggest we may see traders make a run for these levels.  That said, we need to keep a close eye on today’s geopolitical news and key economic data for clues. 

Tune in this morning to hear a full Analysis and pit commentary.

Levels: 

Support: 93.85, 93.65, 93.27, 92.88, 92.68, 92.30, 91.33

Resistance:  94.70, 95.00, 95.27, 95.50, 96.00, 96.43, 97.00

Wednesday’s Natural Gas Pit Session: 

High: 3.172

Low: 3.087

Close / Settle: 3.113

Today’s Natural Gas pit session:

We watched Natural Gas prices push lower yesterday as traders continued to struggle with US weather forecasts calling for warmer temperatures.  We need to keep a close eye on today’s 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:  3.087, 3.050, 3.029, 2.916

Resistance:  3.142, 3.172, 3.200, 3.255

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.

Tune in this morning to hear a full analysis and pit commentary.  

www.crudesquawk.com

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.

www.crudesquawk.com

Levels: 

Support:  3.163, 3.134, 3.050

Resistance:  3.218, 3.247, 3.271, 3.302, 3.386

1/8/2013 Update:

Crude pit session

High: 93.35

Low: 92.42

Close : 93.15

Yesterday we saw very low volume and volatility in the pits.  We have limited Economic data scheduled for release this week,  That said, the  crude market will be trading solely off technicals. We may continue to watch crude oil traders push prices up to the 94.50 - 95.00 levels  and then possibly see some covering come into the markets as our technical suggest.  In the options pit Monday,  We saw 750 Feb 95 puts trade, and 500 Feb 90 calls trade giving us a clue that we may see crude trade with in this new range this week.  We are also seeing open intrest increase slightly at the 97 handle as open intrest in the outright crude continue to fall.  

Please watch the daily commentary video for more detail, and come join us at 8:50AM for a full market recap.

Levels

Resistance: 93.90 , 94.50, 94.80 , 95.00

Support:  93.00 92.50, 92.00, 91.50

Natural Gas Pit session:

High: 3.352

Low : 3.238

Close : 3.266

Looking back at yesterday’s pit session for Natural gas we saw lower price due to a warmer then expect weather forecast for the United States. We may continue to watch prices push lower in the next week due to this 6 to 10 day projection.  Another important variable will be the inventory number later this week with early expectations coming out with a build in Natural gas.

Levels

Resistance: 3.352, 3.400, 3.480, 3.500

Support: 3.230 , 3.190. 3.150, 3.050