MARKET WATCH: US jobs report supports NYMEX crude oil prices
Light, sweet crude oil prices fell slightly on the New York market Apr. 4 to settle above $62/bbl but rose in early trading Apr. 5 after the US Department of Labor reported the US economy added 196,000 jobs in March.
The US unemployment rate held steady at 3.8% in March, the Labor Department said. Analysts said the job report helped counter worries by oil traders and investors about possible world economic slowing, which would reduce oil demand.
Oil prices also were supported by Apr. 4 comments from US President Donald Trump that US-China trade talks are progressing. He suggested the two nations could reach agreement to resolve a trade dispute in as soon as 4 weeks. He also noted that the talks continue.
Energy prices
The May contract for light, sweet crude oil on the New York Mercantile Exchange fell 36¢ to settle at $62.10/bbl on Apr. 4. The price for June delivery dropped 33¢ to settle at $62.19/bbl.
NYMEX natural gas for May fell 3¢ to a rounded $2.64/MMbtu.
Ultralow-sulfur diesel for May gained less than 1¢ to remain at remain at a rounded $2.01/gal. The NYMEX reformulated gasoline blendstock for May dropped 1¢ to settle at a rounded $1.94/gal.
Brent crude for June contract gained 9¢ to settle at $69.40/bbl and the July price added 11¢ to settle at $69.02/bbl.
The gas oil contract for April rose $4.75 to settle at $615.75/tonne on Apr. 4.
The Organization of Petroleum Exporting Countries’ basket of crudes for Apr. 4 was $68.76/bbl, down 36¢.
Contact Paula Dittrick at [email protected].
About the Author
Paula Dittrick
Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.