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By Tim Seymour

A very quiet revolution going on in the energy markets as the Greeks pass their austerity package and the euro goes back on the offensive. Today’s parliamentary vote ensured that Greece can satisfy the terms set by the European Union on the next release of the debt-saddled country’s bailout funds. This, in turn, will allow Greece to make its July bond payments and keep the country from insolvency over the immediate term.

While the Greeks themselves are not happy with the cost-cutting required to keep the EU happy, traders are evidently quite pleased to see the euro dodge another looming crisis. The euro ETF (NYSEARCA:EU) is up and the dollar is losing ground:

This, in turn, has given commodities a boost. Brent crude has surged 10% — extremely quietly — since touching a low of $102 a barrel Monday morning. You can see this move in the Brent ETF (NYSEARCA:BNO):

Meanwhile, the spread between the European-heavy Brent and the U.S.-heavy West Intermediate grade has narrowed significantly. Analysts now expect the two grades of oil to converge in terms of price, and in theory BNO could even return to its long-term trend of trading at a slight discount to (NYSEARCA:USO) at some point.

Source: Oil Ramps Back Up With the Euro