Energy review on May 18th

Discussion in 'Commodity Futures' started by learnfutures, May 18, 2011.

  1. Energies alive and well this morning with crude oil bouncing off of a support level to trade above $98.30 this morning, +$1.40 right now. API data came out last night quite bullish for the market with a drop in gasoline supplies as June Gas rallies to $2.9600 with the Gas crack +45 cents this morning. From Bloomberg, "Crude inventories at Cushing....the delivery point for the benchmark West Texas Intermediate grade, slid 1.5 million barrels." (1) This is why the WTI spreads are rallying this morning, with M/N above 45 and Z/Z now above 140. I will look for Crude oil to try and test $100 after the DOE numbers today as this market looks like it wants to rally further with the bullish sentiment all ready in the mix. The Euro/USD is now above $1.4250, rallying from the low of $1.4050 it had set just three days ago.