Energy Review This Week: 23rd, May, 2011

[jimfutu11]

Since markets keep changing, talking about them is writing endless stories. And now, we are going to read one of them written about energy market. Just turn to the chapter of May 23rd, 2011 with Pitguru Daniel Cronin!

The Energies Review
For the week of May 23rd, 2011

The energy market had another week of testing the support of $95.00 in the flatprice as the market traded a bit sideways with a test of the low end on the NYMEX. As reported on Bloomberg, news over the weekend about European debt concern arose again with Greece as Greek Prime Minister George Papandreou is scheduled to brief his Cabinet this week on budget cuts and asset sales to keep European aid. Greek government bonds plunged May 20, driving 10- year yields to a euro-era high, on speculation the nation won’t be able to avoid reorganizing its debt. The spread, or yield difference, between the 10-year bonds and similar-maturity German bunds widened to a record. Fitch cut Greece’s credit rating to B+ from BB+, four notches below investment grade. This will likely have a huge effect on the market with the Euro/USD going to test $1.40 and no doubt a sold off equity market. I will look for crude to again test $95 as the market heads into the new week on this news.

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