IN THE MOOD BLUES

[johnsyn]

Jun crude oil prices this morning are trading lower with CLM12 down -0.72 cents (-0.73%) and RBM2 slightly lower by -0.05 cents (-0.02%). Crude oil and gasoline prices are seeing weakness from the European election results and weak global stock markets. Crude oil and gasoline prices on Friday plunged for third straight session: CLM12 -4.05, RBM2 -0.0742. June crude oil prices fell to a new 5-month low and gasoline posted a new 3-1/2 month low. Bearish factors included (1) the weak payroll report, (2) heavy technical selling with the downside breakout, and (3) continued overhang from last Wednesday's DOE report that showed a new 21-1/2 year high in crude oil prices