Cameron Hanover – Daily Energy Hedger – August 23, 2010

The oil complex picked up on Friday morning where it left off on Thursday afternoon – under selling pressure. And, while the discussion has turned increasingly to the record supply levels in the US, prices seem to have been tracking moves in the DJIA quite closely. For example, at 10:30 AM, crude was down 73 and the DJIA was down 78. At noon, crude was down $1.07 and the Dow was off 105 points. Some days, the relation seems to be nearly point for point. On other days, it seems to be bad on percentage changes.