Greece Debt Crisis pushes Nymex Lower

Posted by Mark Pszeniczny on Jun 20, 2011 7:31:00 PM

For the fourth straight day values across the most of the complex have fallen.  This mornings early action was surrounded by ongoing debt concerns in Greece, who announced they needed an immediate $17 billion....yes, billion... dollar infusion in order to meet creditors.  As a result the Euro plummeted and the dollar soared, which pulled money out of commodities.  Many feel that downside may be limited as ongoing concerns of supply disruptions continue and we are knocking on hurricane season.  What is interesting to note about todays session was that Crude actually finished higher by.25 to close at $93.26.  Still Crude values seem low for products being so high.  HEAT fell .0573 to 2.9329 and RBOB lost .0345 to 2.9115.  Or, the products are overpriced for Crude values.  I tend to think the latter scenario is more fitting.  As you may recall it wasn't to long ago that HO was at the 2.80 level.  With todays finish, we continue to be on the back nine of the recent range and would not put it out of the realm of possibility to touch 2.80 in the near future.
Daily Heat Chart
heat chart
RBOB CLOSE
                 CLOSE       CHANGE 
  
JUL     29115       -.0345
AUG    28526      -.0368
SEP    28324     -.0375
OCT    27165       -.0357
NOV     26953       -.0351
DEC    26848      -.0341
HEAT CLOSE
          CLOSE    CHANGE
JUL    29320       -.0513
AUG    29469      -.0509
SEP    29655     -.0502
OCT   29843      -.0495
NOV   30031       -.0490
DEC   30202       -.0481

Topics: Greece Bailout, Dollar Strengthens

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