ALERT: BEWARE! THE GREEKS (ET AL) NEED GIFTS!
 
PETROLEUM MARKET

Sentiment expressed in price action reflects the increasing likelihood that Greece will be able to secure additional funding from the EU, instead of being forced to restructure its debts.  Apart from optimism in Greece, the shutdown of the Keystone pipeline raised the specter of a short-term supply disruption, as well. European leaders ruled out a 'total restructuring' of the country's debt. Consequently, the euro benefited at the expense of the dollar, which is also helping upward momentum in crude oil. In regards to next week's OPEC meeting, expectations that output policy will remain unchanged was endorsed by Iran's OPEC Governor Mohammad Ali Khatibi, who said in a non-statement, "In the future, OPEC will continue to fulfill its duty".
 
 
TECH TALK

Generally speaking, the chart is maintaining its basically sideways movement. Still, today's bar will show a new high since the decline from over 104.00. The movement above the 10-day moving average does show some front-end strength but the longer averages are still absorbing the move down from 114.00 with heir downward sloping look. In fact, the 40-day is about to cross over the 60 day which is a decidedly bearish look. For the month prices are down considerably so a one day hike is not of all that much concern. What is  troubling ids that now the offered side of the market appears more sensitive, showing participants are more willing to respond to bullish signals than bearish ones.
 

NATURAL GAS

The heat blanketing the Northeast has put prices up to a three-week high. Prices may gain momentum, with forecasts showing the heat extending until June 10th.  Additionally, unseasonably warm readings are expected in the Midwest through June 9. Temperatures in Texas and parts of the Southeast may be up to 14 degrees above normal during the period, as well. Hardly surprising then that cooling demand from June 2 through June 6 was expected to be 7% above normal. Subsequent weekly stockpile reports will need to be monitored closely then to see how much of a dent the early cooling demand has put into structurally high inventories.
 

TECH TALK

The strong rebound from 4.077 suggests that fall from 4.729 was merely a pull back which has been completed. The bias is now to the upside however with the intraday breach of 4.50, which targets 4.729 again. A break above there will confirm a resumption of that rally. Near term resistance will be at 4.879. Looking to the downside, below 4.365 minor support will turn bias neutral. A break of 4.20 again should generate downward momentum for a test of 4.077, then 4.00 and finally the congestion band 3.60-3.80 once more.

source: KilduffReport.Com