Cameron Hanover – Daily Energy Hedger – August 5, 2010

Oil futures were marginally lower on Wednesday, although signals were mixed again. At the end of the day, higher inventories and a weaker euro were able to out-point other factors in persuading traders to take profits on long holdings in the oil complex.

The Institute of Supply Management (ISM) index of non-manufacturing businesses increased in July to 54.3 from 53.8 in June. Experts had predicted a drop to 53.0. ADP released its early estimate on non-farms payrolls for July, and it estimated that 42,000 jobs were added in July, following an increase of 19,000 in June. Market-watchers had expected a gain of 30,000. Both were better than expected.