Traders placed more importance on the falling euro and the threat of a European recession than on very good news on the number of new jobs created in December. Hungary's bond downgrade may not directly affect the euro but it does affect European banks and thus the euro fell. It is also likely that traders discounted the first wave of jobs created news awaiting the downward revisions next week as well as being aware of the temporary nature of the Christmas season job growth. The market also seems to be discounting all the Iranian threats to close the straits of Hormuz and close off 20% of the world's crude supply.
Despite the second straight day of decreases in a short trading week, NYMEX rose 2.8% and Brent jumped 5.3% in four days of trading while heating oil shot up 4.9% and gasoline rose 2.4%.
For the week, WTI+$2.73, $101.56; Brent+$5.71, $113.06; RBOB+6.53¢, $2.7516; HO+14.32¢, $3.0702.
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