The Energy Review This Week : June 6th, 2011
Posted: Mon Jun 06, 2011 11:55 pm
The update information around energy market shared by Pitguru Daniel Cronin will help traders plan their business. Just check for the news whenever changes around this market affect on your work!
The Energies Review
For the week of June 6th, 2011
Last week saw crude oil try and rally on the NYMEX but got stopped in its tracks above $103 as the Case Schiller Index dropped to its lowest in 10 years and unemployment rose. Crude has been stuck in a range from $95 to $103.50 for the last few weeks now and it looks like the downside maybe tested again with all the bad economic data coming out recently. The July arb is now down to -1560 and I think it is looking to go below -1600. The Euro/USD recently rallied giving other commodities a boost but not the oil market. The sense is that $97 is an area that will be looked at soon. Natural Gas continuing its great run here and just might have broken out with trades above the resistance of $4.75. This market had a strong inventory report last week to send prices higher. $5.00 is still huge resistance in my eyes.
Learn more information on Gold, Silver, Finance... at http://www.pitguru.com/Article.aspx?cmd ... &year=2011
The Energies Review
For the week of June 6th, 2011
Last week saw crude oil try and rally on the NYMEX but got stopped in its tracks above $103 as the Case Schiller Index dropped to its lowest in 10 years and unemployment rose. Crude has been stuck in a range from $95 to $103.50 for the last few weeks now and it looks like the downside maybe tested again with all the bad economic data coming out recently. The July arb is now down to -1560 and I think it is looking to go below -1600. The Euro/USD recently rallied giving other commodities a boost but not the oil market. The sense is that $97 is an area that will be looked at soon. Natural Gas continuing its great run here and just might have broken out with trades above the resistance of $4.75. This market had a strong inventory report last week to send prices higher. $5.00 is still huge resistance in my eyes.
Learn more information on Gold, Silver, Finance... at http://www.pitguru.com/Article.aspx?cmd ... &year=2011