NYMEX jumps as Greece Debt vote Looms

Posted by Mark Pszeniczny on Jun 28, 2011 5:57:00 PM

Investors went on the attack today after several sessions of healthy losses and viewed current values as buying opportunities.  As a vote looms on the Greece debt crisis, most are now expecting the Nation will accept the austerity package as stave off pending doom.  As the dollar felt the brunt of this news, NYMEX values skyrocketed in early morning trading.  Yet, citizens of Greece still found the time and energy to riot in the streets.  Interesting news in the US  as Home prices were up slightly for the first time in over 8 months, signally to some a momentum shift in the economy.  Of course, those same speculators disregarded a report that shows consumer confidence dipping yet again.  With Crude inventories expected to fall slightly on Wednesday and the products expected to build, along with the official start of the summer driving season hitting this week, we are lining up for an exciting Wednesday in the Industry.  I would like to believe that cooler heads prevail and we continue our march down.  Remember, one day does not make a trend and the trend is your friend.  At the close, Crude added $2.28 to end at $92.89, HEAT jumped .0608 to 2.8257 and RBOB led the charge gaining .0821 to $2.8896.
heat chart
                 CLOSE       CHANGE 
JUL     28896       +.0821
AUG    28156      +.0712
SEP    27886         +.0683
OCT    26787       +.0662
NOV     26583      + .0642
DEC    26505      +.0622
          CLOSE    CHANGE
JUL    28257       +.0608
AUG    28415      +.0601
SEP    28609     +.0599
OCT   28814      +.0602
NOV   29018       +.0602
DEC   29214       +.0602

Topics: Greece Bailout

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