Energy Prices Near Unchanged For The Week
Energy Futures--- Energy futures this week traded basically unchanged after a lot of volatility especially on Monday when the Spanish bailout of the 125 billion came in to play pushing crude oil prices sharply higher Monday morning by about $2.50 only to sell off and finish down over $2.50 however last week's close at 84.39 compared to this Fridays trade of 84.45 gaining just a fraction. Crude oil futures have major support at 81.50 which was hit three times in the last week before rebounding and in my opinion with the stock market looking strong once again pushing up oil prices and some of the other commodities that the energy sector may have bottomed in the short term. Unleaded gasoline futures were basically unchanged for the week as well trading higher on this Friday afternoon by 200 points to settle right around 2.70 a gallon still near contract lows forming a bottoming pattern with heating oil which was also higher by 200 points this Friday afternoon but unchanged for the trading week trading at 2.65 a gallon still near contract lows also trying to form a bottom. The story this week was natural gas futures skyrocketing 32 points yesterday on the inventory showing much less than what was expected also it looks like we’re going to have a hotter summer this year which is also propelling prices higher in the July contract to close at 2.50 with a double bottom on the daily charts looking at the possible yearly lows might be in place. The Greek elections are Sunday night and that will have a lot to do with price action on Monday morning just like it did last Monday and as we go into this weekend the early feeling is that Greece will stay in the Euro and accept austerity measures, however that is not written in stone and if they do not accept those measures you could see the Euro currency sharply lower
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