Energy Market Updates

Spanish Banking Bailout causes Stir, Only to Falter

Posted by Mark Pszeniczny on Jun 11, 2012 3:24:00 PM

For many of us who log in to check the market on Sunday evenings at PM, it is often times like Christmas morning to see what the surprise will be. Last night we got a lump of coal to see Commodity futures skyrocketing on news of a Spanish banks receiving a $120 billion dollar bailout. Heating Oil was as high as +.07 at one point. The infusion of cash looks to signal that the Euro will be around for a while longer. As the sun rose, the speculative gains were peeled away and the wheels fell off the cart with about an hour left in the session. Crude finished less $1.40 to close at $82.70, RBOB slipped .0286 to $2.6566 and HEAT fell .0364 to $3.6357, a whopping .11 cents lower than Sunday evening. It appeared that the bullish appointments on the calendar just could not keep the rally going. Next week, Greece has elections, Iran is set to meet with a group of five Nations on its nuclear program with Israel going increasingly impatient and the scheduled FOMC meeting. Many have commented on the limit to the downside in the pits after retracing some 60 cents in the last 50 days. With Europe still not out of the woods, the trend is your friend.

Daily Heating Oil Chart

6_11

RBOB CLOSE
CLOSE CHANGE
JUL 26566 -.0286
AUG 25877 -.0338
SEPT 25322 -.0378
OCT 23775 -.0387
NOV 23511 -.0388
DEC 23428 -.0365
HEAT CLOSE
CLOSE CHANGE
JUL 26357 -.0364
AUG 26394 -.0357
SEPT 26468 -.0350
OCT 26558 -.0352
NOV 26676 -.0352
DEC 26789 -.0354

Topics: Iran, European Economy, Spain Banking Bailout, Euro Debt Zone

    Energy Market Updates

    The information contained in this report has been taken from trade and statistical services and sources believed to be reliable. Dennis K. Burke, Inc. makes no representations or warranties with respect to the content of such news, including, without limitation, its accuracy and completeness. This bulletin is provided for informational purposes only, and is not intended as a recommendation to buy or sell commodities.

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