Crude Oil & Products Down Again ! Jobs Report Negative
Energy Futures--- Energy futures are sharply lower once again even before the unemployment report which came out at 7:30 this morning stating that the unemployment rate is 8.2% and that we added 68,000 new jobs which was disappointing sending the market sharply lower and traders are concerned about the European slowdown at this point with crude oil plunging down $3.50 a barrel in the July contract hitting new lows once again at 84.00 with an overhang of supply which is at a 22 year high in crude supplies, while unleaded gasoline is getting smoked this morning down 800 points at 2.64 gaining even more steam to the downside also creating new lows on a recession across the world causing commodities and stocks around the world to plunge today. Heating oil futures for the July contract are down 800 points also making fresh contract lows currently trading at 2.62 a gallon looking to go lower on waning demand and massive supplies. As I've stated in many blogs in the in the last four weeks I'm very bearish the commodity sector I think crude oil has a chance to go back down into the low 70s like it did in 2010 when the last crisis appeared as investors are unwilling to take risk and are taking money off the table at least in the short term until things settle down in Europe. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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