Central Valley Cooperative

Energy – higher on upcoming Iranian vote in Europe – natgas is lower – inventory reports today. The reaction by Iran to any embargo is what the market is waiting for. The line-in-the-sand is being drawn for Iran, soon Greece will have to face March payments and the EU will need more money to restructure debt. Any higher prices will certainly hurt much needed global economic growth and many warn of a global recession ahead if this occurs. . Inventories today may give us further market direction as the API shows a surprising large draw of nearly 5 million barrels for crude oil, but a large build in gasoline.