I know it's summer and the last thing you're thinking about making is sweater, but this project is too cute to wait til winter! Don't worry, your pencils won't mind a little extra warmth.
This craft is great because it will probably cost you $0. I rinsed out a can and a small jar and used leftover yarn I had laying around.
Both of my pencil holder cozies were made with Bernet Handicrafter Cotton. It's a light weight cotton yarn that comes in some very pretty colours. The blue one is "Mod Ombre" and the orange one is "Mango Madness". You'll also need a yarn needle for stitching the ends together.
For the knit cozy, I used a US size 7 set of knitting needles and cast on about 36 stitches. This will of course vary depending on the yarn you use and how you knit. Just knit a couple rows and measure up against the can before you get too far. To get the classic little v's just knit one row then pearl one row.
For the crocheted cozy, I used a J/10-6.00mm hook and 2 strands of the cotton yarn. I made a chain of 28 stitches and just did row after row of single crochet using 2 strands. Again, the number of stitches will vary depending of the size of the jar and type of yarn. After the pieces fully covered the height of the jars, I stopped and with right sides together, sewed the ends together to form a circle. If you're a better knitter than me, you could also just knit in the round and then wouldn't have to worry about the sewing!
Keep those pencils warm everybody!