Natural gas broke out above $4.00 in decisive fashion as the trade seemed to embrace the fact that Goldman Sachs has upped their natural gas forecast and catching up with the bottom that I called in January.
While manufacturing reported weakness caused a drop in oil, heating oil led a product comeback. Yet it was natural gas that quietly closed above $4.00 that was perhaps the most interesting move of the day.
Oil is up a tad as the EU seems to not to be in a real hurry to pull the plug on Cyprus. The EU did promise to provide liquidity based on the existing rules, which is providing liquidity in the energy markets.
Crude oil fell as fears mount that Europe will fall into turmoil. Cyprus, the IMF and the European Central Bank hatched a plan to raise €5.8 billion from taxes on depositors by raiding their accounts to save Cyprus' failing banks.