Energy Review This Week of May 16th, 2011

[jimfutu11]

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The Energies Review
For the week of May 16th, 2011

Crude oil remained rather steady last week with all of the big moves the market has seen, closing under $99 as the main story was the Euro weakening against the USD. The Euro/USD closed under $1.4105 as commodity prices around the world kept on falling. Gasoline prices fell huge last week after supplies increased and was limit down one day. Gasoline now trades around $3.00 with retail gas potentially falling below $4.00 soon. This will take off the huge burden for consumers here as the price has steadily been decreasing the last two weeks. I am also looking for oil to trade from $96 to $101 this week with the downside being tested more. I believe $94.50 is huge support in this market so watch out for that level.