Keep up with the energy market this week with the energies review for the week of June 21st, 2010:
"Crude Oil broke out of the trading range and busted through the resistance of $76.00-$76.30 to trade higher. Now the market is above $78 as word hits that China signaled an end to currency peg. Last week was an odd week in that the market saw builds across the board in the energy inventory report, and yes, Crude rallied to new weekly highs. The next level is $80 here as the market opened up very strong on the Sunday night session. The WTI spreads are helping the market higher, trading on the high range in Jul/Aug to -100 and in Aug/Sep to -87. The arb market (wti vs. brent) has also been rallying from the lows after last week’s plunge. These spreads were down more than $1.00 only to rally back. Look for Crude to try and get to $79 in the very early part of the week.
Natty Gas has now seen a range here in the low $5.00 from $4.90 to $5.20 as this market quiets down just a bit. Everything looks very attractive on this commodity and I believe in buying the pullbacks."
Collected from Pitguru reviews in futures market
