Cameron Hanover – Daily Energy Hedger – May 17, 2010

There was massive liquidation across a number of markets on Friday, and oil prices were caught up in the selling frenzy. Prices sold off through the morning, and by 1 PM, June crude oil prices were down $3.00 a barrel. At that same time, the DJIA was down 200-plus points and the euro was down significantly against the dollar, having lost 115 points by 1 PM.