The futures market is all about expectations. When expectations are met or exceeded the markets tend to go up but when expectations are not met, the markets will drop. The Administration was touting the jobs report that was due yesterday but reality did not meet expectations. There was employment growth of 431,000 but the expectations were for 536,000. The kicker came in the details as it was revealed that 411,000 of these jobs were from the ongoing Census. 20,000 new jobs indicates that the economy is not doing as well as touted.
Adding to economic worries is word that Hungary has joined the sovereign debt club of Greece, Italy, Spain and Portugal. Although Hungary is not part of the euro agreement, the euro took a beating nonetheless. Since the euro fell, the dollar rose and that helped crude to fall even more.
For the week, crude -$1.55, $71.77, gasoline -0.7¢, $2.0006, distillate -1.58¢, $1.9597. Street price steady at $2.269.
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