Home > Boards > Commodities > Energy > Oil & Gas - Energy - Commodities - Resources

Oil Gains for 2nd Week, But Prices Range-Bound

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
DiscoverGold Member Profile
Member Level 
Followed By 546
Posts 72,824
Boards Moderated 42
Alias Born 03/10/04
160x600 placeholder
Intel Taps New Leaders in Organizational Shuffle
By Kimberly Chin
Wheat Drops as Rainy Forecast Offsets Crop Quality Concerns
Top Company News of the Day
Front Month Nymex Natural Gas Rose 2.10% to Settle at $3.2580 -- Data Talk
Front Month Nymex RBOB Gasoline Rose 1.25% to Settle at $2.2243 -- Data Talk
STOXX Europe 600 Index Ends 0.26% Higher at 456.42 -- Data Talk
FTSE 100 Index Ends 0.39% Higher at 7090.01 -- Data Talk
DAX Ends 0.21% Higher at 15636.33 -- Data Talk
CAC-40 Index Ends 0.14% Higher at 6611.50 -- Data Talk
STOXX Europe 50 Index Ends 0.11% Higher at 3550.40 -- Data Talk
EURO STOXX 50 Index Ends 0.26% Higher at 4123.13 -- Data Talk
Audi Will Phase out Internal Combustion Engines by 2033
FTSE 100 Closes Higher Amid Gains for Oil
U.S. Crude-Oil Stockpiles Likely to Fall in DOE Data, Analysts Say
Spain Sells EUR8 Billion in New 10-Year Bond -- Update
Tupperware Shares Rise 14% on Debt Repayment, Share Buyback
U.S. Mid-Atlantic Manufacturing Activity Picks Up in June -- Richmond Fed
Personal Income Seen Down 2.7% in May -- Data Week Ahead
UK Boards Braced for New 'Golden Age of Activism' in Wake of Brexit, Pandemic -- Financial News
FTSE Rises, Oil Stocks Gain as Tighter Supply Boosts Brent
VW's Seat to Close Spanish Plant for Three Days on Lack of Chips
Slovenia Hires Banks for EUR1 Billion Debut Sustainability Bond Issue
Targovax Gets FDA Fast-Track Designation for ONCOS-102 in Melanoma
EU Approves Two More Manufacturing Sites for Pfizer-BioNTech Covid Vaccine
Oshkosh to Hire 1,000 to Make USPS Vehicles in S.C.
DiscoverGold Member Level  Friday, 05/07/21 04:59:17 PM
Re: None
Post # of 5634 
Oil Gains for 2nd Week, But Prices Range-Bound Again
By: Barani Krishnan | May 7, 2021

Investing.com - Oil put in a second week of gains as crude prices reentered range-bound trading on Friday on concerns about slowing U.S. jobs growth and the Covid situation in No. 3 energy consuming nation India.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled up 19 cents, or 0.3%, at $64.90 per barrel. WTI hit an eight-week high of $66.75 on Wednesday, before snapping a four-day rally. For the week, it showed a 2% gain.

London-traded Brent, the global benchmark for crude, also settled up 19 cents, or 0.3%, at $68.28. Brent hit an eight-week high of $69.94 on Wednesday, before losing its momentum. For the week, it was up 1.5%.

“Oil prices might have a positive second consecutive week, but it is nothing to get energy traders excited that oil will break away from its tightening trading range,” said Ed Moya, head of America’s research at online trading platform OANDA.

Pessimism grew again on the outlook for oil after the Labor Department reported on Friday that the U.S. unemployment rate rose to 6.1 percent in April as the country added a sharply lower-than-forecast 266,000 jobs in a pandemic-suppressed market.

Economists had expected as many as 1 million new U.S. jobs for last month, building on to the March gains of 916,000. That made what the Labor Department reported disappointing to many.

“There's a bit of disbelief around this number,” economist Adam Button said in a post on ForexLive. “I wonder if this is a game-changer and shifts the conversation towards the Fed's baseline about rates staying very low for a very long time along with only-transitory inflation.”

Expectations of runaway U.S. inflation in an economy sprinting from Covid-19 had fueled a rally across commodities since the start of the year, despite Fed attempts to assuage concerns that rising price pressures were only temporary.

The April jobs report not only brought those lofty expectations down but also delivered a sound reminder to the oil market that the employment crisis in the world’s largest economy was far from fixed. For the record, some 21 million U.S. jobs were lost between March and April 2020, at the height of business lockdowns forced by the coronavirus, and more than 8 million of those have not returned.

“Oil’s short-term outlook remains very mixed,” OANDA’S Moya said. “India’s COVID situation could be approaching a peak, with one model eyeing 20,000 cases per day by the end of June.”

India reported another record rise in coronavirus cases on Friday, logging more than 21.4 million confirmed infections and at least 234,083 deaths since the start of the break — with both case counts and deaths crossing the halfway mark in the United States, the top infected country.

India’s Covid crisis could slash an extra 575,000 barrels per day of oil liquids demand in April and 915,000 bpd in May 2021, disturbing the almost-balanced global oil market and building a sizable glut, Rystad Energy warned earlier this week.

Read Full Story »»»

DiscoverGold

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences