Cameron Hanover – Daily Energy Hedger – August 16, 2010

The US dollar ended its best week in two years on a positive note against the euro, and the DJIA ended the week on a quiet note trading near unchanged. It was the stock market’s worst week in a month. Oil prices finished slightly lower, losing $0.35 a barrel. It was the fourth day lower in a row. For the week, a barrel of crude lost $5.36. Heating oil prices lost 15.16 cents a gallon and gasoline lost 17.31 cents a gallon. The euro was down 74 points to $1.2753, and the DJIA was 16.90 to 10,303.15. The theme of the week was weakness (in oil) based on falling equities and a weakening euro. Either the fundamentals were given a chance to shine through or investors were liquidating longs.