Oil prices were higher on Friday, as traders reacted to the better-than-expected February monthly unemployment report. This report showed a decline of 32,000 jobs, but expectations had been for a loss of 68,000. This report helped equities and commodities, and many analysts saw in the numbers seeds of hope that March’s figures could actually show an increase in employment. [More]

The U.S dollar had a strong day yesterday, and that was yesterday’s biggest factor. Bloomberg conducted its survey for next week and discovered an evenly divided and very diverse set of expectations moving forward. One of the biggest reasons for this dichotomy is the topsy-turvy nature of risk appetite and economic outlook. On any given morning, traders can come into this market and be faced with one of two conflicting scenarios; on a bullish day, the dollar is weak, equities are strong and the mood is one of economic recovery. [More]

The oil complex was higher yesterday as the dollar dropped and the DJIA rallied to new recent highs before turning back down into mildly negative territory. Traders were buying on indications that the US economy may be recovering. So far this year, we have had signs going back and forth in that regard. ADP (Automatic Data Processing) released its early look at February unemployment. [More]

Crude oil prices broke above last week’s important resistance level at $80.51, getting as high as $80.62, and it looked like the bulls had the momentum going their way. But, as happened all last week, prices could not sustain themselves above $80.00 and they sold off, ending the day in negative territory, below $79.00. Technically, yesterday was an extremely disappointing day for the longs. [More]

Oil prices were higher in trading early Friday morning, as traders reacted to a weaker US dollar. The greenback was following through on the selloff that had started Thursday afternoon, after failing to break through resistance @ 74.15 euro cents. The buying in oil picked up pace on news that US Gross Domestic Product (GDP) had grown at 5.9% (annual rate) in the fourth quarter of 2009. [More]

Yesterday's session had its oddities. Oil prices started working lower early Thursday morning as Asian traders reassessed the US reaction to this week’s DOE figures. Where Americans saw draws in refined products, Asians saw a build in crude oil stocks that might have trouble getting worked off in the existing low utilization environment – despite the increase in refinery use in this latest set of supply & demand numbers. [More]

Oil prices were higher yesterday as traders were buying commodities and equities in the wake of Fed Chairman Ben Bernanke’s testimony before the House of Representatives, where he told them that interest rates will remain low for several months yet to come. [More]

The oil complex was lower yesterday as traders took profits on long holdings in oil and investors disgorged risk across the board. Yesterday’s trading returned to the pattern seen two weeks ago, before Presidents’ Day, when we saw the dollar higher, equities lower and commodities under selling pressure. [More]

Oil prices were higher again yesterday, making it five in a row and nine out of the last 10 days higher. Crude oil prices kept a fairly tight range and settled at its highest level since January 12th. Traders were talking about a strike at France’s Total refineries. There are six throughout the country and workers from other refineries are considering joining the work stoppage. The problem started with the company’s (Total’s) decision to close its refinery at Dunkirk. The great fear is that global [More]

Thursday afternoon’s Fed decision to raise the discount rate by 25 basis points helped the US dollar and hurt equities and commodities in trading Thursday evening and late night. But, after following that line into Friday morning, the “appetite for risk” sharpened and what started as mild peckishness developed by Friday afternoon into ravenous hunger. Commodities and equities that had been in the red turned into the green and finished strong. [More]