Weekly Market Blip 6/19/2015

Weekly Market Blip 6/19/2015

Aside from Greece there is not much news on Friday. The Dow fell 101 to 18,014 on heavy trade as today marked an options expiration session. For the week the Dow gained about 0.8% and continues to trade in a tight range.
Greece and Russia are meeting today and speculation is that Putin might offer PM Tsipras some money in the form of loans or aid. Some refer to these Russians deals as “knee cap” loans. Meanwhile in Europe the troika called an emergency summit for Monday after talks with Greece broke off. My question is: if it is such an emergency why wait until Monday? Members of the IMF stressed the need for a meeting where “adults” can talk about the issues. Apparently the Greeks are sending third graders to negotiate. There is also speculation that Greek banks will not open on Monday due to a lack of capital. In all the various articles I read about this topic one theme seems to come out which is that members of the EU are united in their stance that Greece needs to show some reforms in order to get more aid. One minister said it well when he stated “We want Greece to stay in the union but not at all costs.”
Oil continues to hover right around $60 per barrel. At the close WTI crude was $59.50 off ninety cents. Oil was lower due to the situation in Greece. The US will begin exports of natural gas this year in Q4 but the price differential between the US and other parts of the globe is starting to ease a bit as global gas prices are on the decline. It is not known if this global price drop is temporary. Russia is planning on construction of a gas pipeline through Turkey and Greece in order to avoid Ukraine. The “gas stream” project is expected to be completed in about 3 years and Greece might make pass though money if they allow it to cross their territory. Maybe they should ask Ukraine how the pipeline that Russia has through their land is working out.