Crude Oil has reluctantly played follow the leader with U.S. equities for much of the past 12 months. More recently, fundamentals took a back seat to short term speculation as risk takers drove the price of hot button commodities up with stocks. Crude has been in a holding range between $80 and $87/barrel for all of March and April, but in the past two trading sessions NYMEX WTI crude plunged directly from the top to the bottom of that range.

With the Euro diving, Greek Bonds selling off, CDS spreads widening, and now members of the EU fearing contagion risks are growing, the importance of budget cuts in Greece coming to pass has come to center stage of the European debacle.

What will happen if the citizens of Greece defy these cuts and drag out the process until market speculators have driven the continent and it’s mutual currency to it’s breaking point?