Weekl Energies Review: April 4th, 2011

[jimfutu11]

The Energies Review
For the week of April 4th, 2011

A bit of role reversal in the energy market last week as crude had all the making of liquidating with a bearish DOE numbers of +2 million barrels that sent this market to $103.50, but a quick reversal of flatprice came about and has sent the crude oil market past resistance of $106 to trade at $108.50. This is a huge number that was broken to the upside and now crude oil is off to the races higher as $110 is well within reach in my opinion. Gasoline has roofed to $3.15 a gallon and I think you can be sure that prices at the pump will eclipse the $4.00 mark this week or early next. This rally in the price is definitely not a good thing here and consumers will be in danger if crude eclipses the $110 mark which it looks like will happen. Still keep an eye out for any news out of Japan and Libya, but for right now I feel it’s rally time in the oil market.

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