Energy OverView January 6, 2011

A strengthening dollar, at the euro’s expense, and a bearish EIA report gave caution to buyers who were mainly focused on Iran’s threats to close the Strait of Hormuz. While the threat of supply disruption remains extant, and should not be taken lightly, the pace of selling yesterday picked up as a late story crossed the tape that Iranian officialdom had responded positively to an entreaty from the West,