Energy Markets in The Week of June 13th, 2011

[jimfutu11]

The Energies Review
For the week of June 13th, 2011

Crude Oil having a tough time advancing through the resistance of $103.00 last week and with the actions of the stock market going lower, crude fell too, down to settle just above $99 as it closed out the week. The weakness in the equity market is a bearish sign for crude. What’s also very bearish is the arb markets and how much they have fallen in the last week. The July arb now trades -$20. That is unbelievable to me. Brent crude has a $20 premium to the WTI. Brent has taken over as the benchmark for crude oil and this is having a negative effect on the flatprice. Also, WTI spreads are lower as well. These factors are looking to a continued downtrend and wti will try and test that $95 level again soon as there has been a triple bottom there now.

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