How is the energy market going to work this week? Do you want to know? If yes, now just take note the energy market analysis by Pitguru Daniel Cronin to know more about what's going on.
The Energies Review
For the week of March 21st, 2011
Crude had a very wild ride last week selling off to $97 in May only to come back +$7 as bombings began in Libya over the weekend. The US Dollar has broken the $1.40 barrier on the Euro/USD and this is adding to oil's gain as May crude is up to $104. Traders need to pay special attention to the Middle East as this is a very sensitive area that can quickly turn the market either way with each fresh piece of news that comes out. Of course, the story in Japan must not be overlooked with the radiation in the nuclear facilities still causing problems. All of these factors are leading towards a rallying oil price and I believe will continue into this week so look for resistance in May crude oil at the $108 level. If this should break the market may be off to the races again.
Weekly Engergy Report
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