Fundamental Oil Report (2011-02-07)

By @ibtimes on

NewsCrude trades above $89 with mixed US jobs data PreviousForecastAnalysisCrude traded above $89 per barrel today amid mixed US jobs data highlighting the prevailing economic uncertainty and the prospects for demand, while concerns regarding the disruption of supplies in the Middle East eased keep crude steady.

Crude today hovers around $89 per barrel recording its highest around $89.51 and lowest around $88.49, while it currently is trading around $88.89 per barrel.

The US Labor Department showed an unexpected drop in unemployment to 9% in January recording it’s lowest since April 2009, from December's 9.4%; while only 36 thousand jobs were created last month much below the expected on the cold weather.

Crude last Friday traded around $88 per barrel recording its highest around $91.64 and lowest around $88.47 per barrel, closing around $88.96 per barrel. Futures dropped last Friday as the dollar gained on woes over the recovery outlook. 

Moreover, today traders’ maintain their gaze on developments in Egypt as government officials on Sunday met with opposition leaders, in an attempt to negotiate an end to the current unrest. Meanwhile, the Suez Canal’s shipments were not disrupted simmering down concerns, although some fear that political instability could spread to other oil-producing nations in the Mid-East.

As for NYMEX as of 03:57 EST; motor gasoline rose $0.68 recording $245.190 per gallon; heating is trading around $273.000 per gallon inclining $0.49; whereas natural gasoline shed $1.62 to record $4.240. In London, Brent futures gained $0.75 to record $100.580.

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