|News||Crude stabilizes above $80 on improved sentiment|
|Analysis||Crude stabilized this morning above $80 per barrel, as the outlook for the global economic recovery improved and Greek woes subsided; specifically after the EU summit decided to save Greece.|
Crude last Friday to record $81.50 per barrel, after the dollar versus euro dropped after the EU approved Greece's bailout with coordination with the IMF; therefore supporting confidence in markets and pushing investors to purchase commodities.
In the meantime, expectations are increasing that the dollar will return to weaken once again on the back of the stable monetary policy and near zero rates; thus, supporting investors’ headings towards crude and other commodities and higher yielding assets.
Today, we await personal income data from the US, which is considered the top energy consumer in the world, where expectations of a rise is expected in February for the fifth month in a row; thus, supporting consumption and spending levels in the US, which will leave a clearly positive effect on crude prices.
The S&P GSCI index closed late last Friday to record 512.99, with a drop of 2.12; whereas the RJ/CRB commodity index recorded a fall by 0.54 to close at 267.32.
In NYMEX as of 03:00 EST; heating oil futures rose to record $208.220 per gallon by $1.250; motor gasoline is trading around $221.780 per gallon after gaining by $1.040; whereas natural gas dropped by $0.0035 to record levels around $3.837 per 1000 cubic feet. In London, Brent rose by $0.540 to record $79.830.
Crude opened today around $80.25 recording its highest $80.65 and lowest $80.22 per barrel, where it is currently trading around $80.50 per barrel.