Cameron Hanover Daily Oil Recap (courtesy of www.fmxconnect.com)
Crude oil prices ended mixed, with the first two months lower and the deferred months higher. Heating oil prices were higher and gasoline prices were lower. Traders and investors were trying to figure out which factors were important to the oil markets, even as those “leader” markets or “bellwethers” struggled to figure out what factors would make them rise and fall. The US dollar had not been a major bellwether for oil in more than a week and yet we feel obliged to start there. Concerns over Ireland’s sovereign debt were paramount in investors’ thinking on Monday and these investors were buying US dollars and avoiding riskier asset plays.