Cameron Hanover – Daily Energy Hedger – November 3, 2010

As American voters went to the polls in an election that most observers felt would swing the House of Representatives over to the Republicans, traders and investors continued to buy a number of commodities and equities. Oil prices were higher in trading overnight, and they continued moving higher through the session. In contrast to Monday’s session, oil traders had a stronger euro (weaker dollar) and higher equities to help them. But, the oil markets still had carryover buying from Monday, when oil prices moved higher, without any help from either equities or currencies; in fact, both had been working against oil prices moving higher … but they did anyway.