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Energies - Mar 08,2010
Sunday, March 07, 2010
by PitGuru.com Authors of PitGuru.com
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The Energies Pit Review For the week of March 8th, 2010 By PitGuru Daniel Cronin The energy markets rallied again last week rising to some of the highest levels of 2010 with a rallying stock market as nonfarm pay rolls declined at a much better rate than anticipated to the tune of -35k. Oil advanced to $82 and keeps making new high after new high with the wti spreads rallying. This means higher prices as well this week. I can see Crude Oil trying to test last year’s high of $83.60 as prices are only $1.60 away right now. Energies rallied to open the trading session last night as French President Nicolas Sarkozy said the group of nations using the euro is ready to rescue Greece should the government struggle to fund its deficit. This will only add fuel to the fire for Crude if Greece gets bailed out as this will help the Euro and weaken the USD. “Sarkozy’s comments were among the strongest warnings from a European Union leader to speculators betting against the euro and Greek bonds. George Papandreou's government last week passed further austerity measures and sold 5 billion euros ($6.8 billion) of debt.”1 Heating Oil and Gasoline also making very nice moves to the upside as the Heat Cracks trade at $6.75 and Gas cracks are way up at $14.00. I believe that these products will do well against the crude oil this week with cracks making a move to the upside. Natural Gas is just down on its knees again pleading for something, someone to help out its price. It has lagged heavily against Crude these last few weeks with prices falling down to $4.30. Inventories are still very high and the cold weather has left the Northeast temporarily as prices trend toward the $4.00 mark. I won’t look to start getting into this market until prices get sub $4.00 again. 1 http://www.businessweek.com/news/2010-03-08/crude-oil-gains-for-second-day-on-speculation-demand-will-rise.html
Recent articles from this author
- PitGuru.com's Grains Analysis: Feb 06, 2012 - Sunday, February 05, 2012
- PitGuru.com's Grains Analysis: Jan 03, 2012 - Monday, January 02, 2012
- PitGuru.com's Grains Analysis: Dec 19, 2011 - Sunday, December 18, 2011
- PitGuru.com's Softs Analysis: Dec 19, 2011 - Sunday, December 18, 2011
- PitGuru.com's Energies Analysis: Dec 19, 2011 - Sunday, December 18, 2011
About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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