Cameron Hanover – Daily Energy Hedger – August 6, 2010

The entire energy complex lost ground yesterday as traders decided to take profits on the long side. The technical breakouts earlier in the week had already made their points, and they had been confirmed by action on Tuesday and Wednesday. The charts were bullish enough not to need a positive set of settlements on Thursday afternoon.

Traders could not rally fresh buying interest, as concerns over high unemployment sapped power from any argument to buy in this complex. And yet, with a more definitive employment figure due to be released on Friday, traders were content to lighten their long positions and wait for the monthly number to arrive.