The Obama regime does not need to release SPR crude to drop prices. It just needs to release the jobless numbers alongside the jobs created numbers, the real numbers that were published today and not the illusory numbers that were released yesterday. This is the gift that will keep on giving as far as futures pricing is concerned because now the revised numbers for April and May are being issued and the figures are even worse as far as job growth is concerned. As a consequence, NYMEX dropped almost $2.50 but Brent barely showed a blip dropping less than 35¢/barrel. Unless and until the employment numbers become truly positive, they will continue to be a drag on prices.
The jobless numbers are important because they are the predictors of fuel demand. No new jobs presages no fuel demand growth. The unemployed do not have money to buy gasoline and drive their cars.
For the week, WTI+$1.26,$96.20; Brent +$6.94,$118.33; RBOB+12¢,$3.0926; HO+17.19¢,$3.0964.
No comments:
Post a Comment