Friday, May 11, 2012

Weekly Energy Futures Wrap Up

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Energy futures are lower once again today on pessimism concerning the European recession as well as a slowdown in China causing crude oil prices in early trading in New York to be down another $.85 in the June contract trading at $96.22 a barrel also in sympathy with the stock market the rest the commodity markets all lower this morning putting crude oil down nearly $2.00 dollars for the week right at 5 month low after selling off more than $8 dollars last week.

Unleaded gasoline futures are also at a five month low down 250 points at 2.985 in the June contract continuing its bearish momentum on the fact that OPEC came out and said supplies are very excessive at this point and abundant.

Heating oil futures for the June contract are down nearly 200 points also near five month low currently trading at 2.97 a gallon while natural gas futures which have been up four days a row are down slightly trading around 2.47 down around two points for the trading session in real quiet light volume so far this morning.

The U.S dollar is basically unchanged for the trading day not having much impact on energy prices this morning, however with an adequate supply in the market and with the rising dollar and slowing European countries I still think crude oil could break 90 dollars a barrel in the next coming weeks and I’m pessimistic on all of the commodities and as I’ve been stating in many blogs in the last several weeks because demand is slowing down tremendously at this point.

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