---
title: Greece Debt Crisis pushes Nymex Lower
description: Euro plummeted and the dollar soared, which pulled money out of commodities...Still Crude values seem low for products being so high...
---

[Dennis K. Burke, Inc. Market Updates ](https://www.burkeoil.com/value-added-services/energy-market-updates)

# [Greece Debt Crisis pushes Nymex Lower](https://www.burkeoil.com/value-added-services/energy-market-updates/bid/56055/Greece-Debt-Crisis-pushes-Nymex-Lower)

 Written by [Mark Pszeniczny](https://www.burkeoil.com/value-added-services/energy-market-updates/author/mark-pszeniczny) | Jun 20, 2011 11:31:00 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

| 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 |

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