The US dollar seemed to be on the ropes on Wednesday, lying right on top of major support above 72 euro cents, the dollar had broken one low and seemed fated to fall beneath the critical 72.00 level. And, then some profit-taking came in. Reports that Greece might need to ask the IMF for help sent traders scampering for greenbacks, and the suddenness of the change in opinion seems to have caught investors leaning heavily the wrong way. [More]

A weaker US dollar and a general desire by investors to buy riskier assets helped push oil prices higher yesterday. The dollar seemed to have broken below significant support yesterday, but prices rallied back to close above that line, and they were higher in trading last night [More]

We had been told to expect rain, but there was little mention of the high winds that lashed southwestern Connecticut on Saturday. Our power went out at 9:30 PM EST, and we expected it back at any time for the next three days. Without waxing lyrical for the next eight pages on the merits of running water, plumbing, heat and light, suffice it to say that we spent three days without any of those, internet or phone. [More]

Oil prices were unchanged to lower yesterday in a session during which traders struggled to find direction. This market’s most recent “default mode” has been higher, but traders were spooked by the release of consumer prices in China that showed more inflation that might be ideal. In recent weeks, this kind of figure, suggesting that the Chinese economy might be ‘overheating,’ has resulted in credit tightening by that nation’s central bank. [More]

This week’s Department of Energy (DOE) statistical survey followed the API report in terms of direction. Both showed a build in crude oil stocks, declines in refined products stocks and a drop in refinery utilization. Where the API had shown a much larger-than-expected build in crude oil inventories, though (a build of 6.5 mln bbls), the DOE showed a milder-than-predicted build of 1.4 million barrels. [More]

Oil prices were higher on Friday, as traders reacted to the better-than-expected February monthly unemployment report. This report showed a decline of 32,000 jobs, but expectations had been for a loss of 68,000. This report helped equities and commodities, and many analysts saw in the numbers seeds of hope that March’s figures could actually show an increase in employment. [More]

The U.S dollar had a strong day yesterday, and that was yesterday’s biggest factor. Bloomberg conducted its survey for next week and discovered an evenly divided and very diverse set of expectations moving forward. One of the biggest reasons for this dichotomy is the topsy-turvy nature of risk appetite and economic outlook. On any given morning, traders can come into this market and be faced with one of two conflicting scenarios; on a bullish day, the dollar is weak, equities are strong and the mood is one of economic recovery. [More]

The oil complex was higher yesterday as the dollar dropped and the DJIA rallied to new recent highs before turning back down into mildly negative territory. Traders were buying on indications that the US economy may be recovering. So far this year, we have had signs going back and forth in that regard. ADP (Automatic Data Processing) released its early look at February unemployment. [More]

Crude oil prices broke above last week’s important resistance level at $80.51, getting as high as $80.62, and it looked like the bulls had the momentum going their way. But, as happened all last week, prices could not sustain themselves above $80.00 and they sold off, ending the day in negative territory, below $79.00. Technically, yesterday was an extremely disappointing day for the longs. [More]

Oil prices were higher in trading early Friday morning, as traders reacted to a weaker US dollar. The greenback was following through on the selloff that had started Thursday afternoon, after failing to break through resistance @ 74.15 euro cents. The buying in oil picked up pace on news that US Gross Domestic Product (GDP) had grown at 5.9% (annual rate) in the fourth quarter of 2009. [More]