Cameron Hanover – Daily Energy Hedger – August 4, 2010

The oil complex continued advancing on Tuesday, partially on follow-through buying, a good deal on technical momentum, partially on a weaker US dollar and partially on the growing consensus that the recovery is still on – just at a crawl.

Equities did not follow oil’s rationale (or lack thereof). The DJIA was lower for most of the day and it finished down 38.00 points to 10,636.38. Copper prices, which had also accompanied oil and equities prices higher on Monday, also failed to see the economy as brightly as oil prices did.