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Author	Topic: Oil slides 4%, tumbling below $100 after jobs data	Post a Reply Back to Topics

brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: May 4, 2012 10:38:52 AM Ignore brbaritone Report Abuse Crude-oil futures on Friday fell to their lowest since mid-February as data showed that the U.S. economy created fewer jobs than expected in April, adding to worries about the health of the recovery. Crude for June delivery dropped $4.32, or 4.2%, to $98.21 a barrel on the New York Mercantile Exchange. Weekly losses were hovering above 6%. “The jobs data was the bulls’ last hope. Now the market realizes that with a slowing economy and weak demand we might drown in an ocean of supply,” said Phil Flynn, a vice president with PFGBest in Chicago. Oil added to earlier losses after the Labor Department reported that U.S. nonfarm payrolls expanded 115,000 last month, shy of the 163,000 expected by the economists surveyed by MarketWatch. “There’s no way to explain away this report ... Visit MarketWatch for full article

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Message Posted: May 4, 2012 10:38:52 AM

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Crude-oil futures on Friday fell to their lowest since mid-February as data showed that the U.S. economy created fewer jobs than expected in April, adding to worries about the health of the recovery.

Crude for June delivery dropped $4.32, or 4.2%, to $98.21 a barrel on the New York Mercantile Exchange. Weekly losses were hovering above 6%.

“The jobs data was the bulls’ last hope. Now the market realizes that with a slowing economy and weak demand we might drown in an ocean of supply,” said Phil Flynn, a vice president with PFGBest in Chicago.

Oil added to earlier losses after the Labor Department reported that U.S. nonfarm payrolls expanded 115,000 last month, shy of the 163,000 expected by the economists surveyed by MarketWatch.

“There’s no way to explain away this report ...
Visit MarketWatch for full article

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qwerty17 Champion Author New Jersey Posts:3,650 Points:1,116,925 Joined:Oct 2009	Message Posted: May 5, 2012 2:07:21 PM Ignore qwerty17 Report Abuse sliding & tumbling are good.
WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: May 4, 2012 9:57:18 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage.............
drpepperTX Champion Author Texas Posts:8,939 Points:751,985 Joined:Apr 2011	Message Posted: May 4, 2012 8:12:48 PM Ignore drpepperTX Report Abuse PDQ, just posting the FACTS relating to what dllexport posted. By the way, since research is most obviously not a strongpoint of PDQ's, the unemployment rate was 7.6%, source US DEPT OF LABOR, in January 2009. I guess in PDQ's world of doing the 'hopium' hop, that's worse off than today's glorious 8.1%!
PDQBlues Champion Author San Diego Posts:7,069 Points:1,447,350 Joined:Jan 2009	Message Posted: May 4, 2012 7:57:45 PM Ignore PDQBlues Report Abuse drpepperTX, nice cheery-picking of data. Try posting the unemployment rates when Pres Bush left office in January 2009, or is that asking too much? Yes, this country is much better off today then it was in January 2009.
drpepperTX Champion Author Texas Posts:8,939 Points:751,985 Joined:Apr 2011	Message Posted: May 4, 2012 7:34:03 PM Ignore drpepperTX Report Abuse dllexport "You can't have it both ways. And by the way, the US economy is at a much better state than it was 4 years ago." ======================= Really??? In what world were you in in 2008? US unemployment rate May 2008 was 5.5% Gross Federal Debt Debt Held by Public FY 2012* $16.4 trillion $9.7 trillion FY 2008 $10.0 trillion $5.3 trillion Oh yeah, that's 'better off'! NOT
aquarinut Champion Author British Columbia Posts:1,628 Points:436,855 Joined:Jul 2011	Message Posted: May 4, 2012 7:03:15 PM Ignore aquarinut Report Abuse Wonder what wage rate the 115,000 "job expansion" averaged?? High enough to buy a EV?? NOT!!! High enough to buy gas to get to and from work?? Probably just barely!!! And yet these 115,000 are putting their payroll tax dollars towards those who can afford EVs!!!
Night Owl Champion Author Toronto Posts:7,550 Points:1,786,600 Joined:Jul 2004	Message Posted: May 4, 2012 4:11:03 PM Ignore Night Owl Report Abuse Wall Street oil speculators keep raising prices so high that world economies cannot recover.
dllexport Rookie Author Toronto Posts:50 Points:42,830 Joined:Sep 2005	Message Posted: May 4, 2012 1:59:05 PM Ignore dllexport Report Abuse Higher unemployment means lower gasoline demand and lower gas prices. You can't have it both ways. And by the way, the US economy is at a much better state than it was 4 years ago. Obligatory "nobama"
lou30 Sophomore Author Miami Posts:187 Points:321,190 Joined:Mar 2011	Message Posted: May 4, 2012 1:27:00 PM Ignore lou30 Report Abuse I'm still unemployed a year later.... but... at least now I'm actually getting call backs, interviews, and actual prospects. I literally went months without any of those. So I see a definite improvement. Small as it is.
rver524 Veteran Author Colorado Posts:298 Points:14,320 Joined:Apr 2012	Message Posted: May 4, 2012 12:32:27 PM Ignore rver524 Report Abuse Nonfarm payroll numbers is a joke!
md11capt Champion Author Denver Posts:3,558 Points:709,980 Joined:Mar 2011	Message Posted: May 4, 2012 11:33:20 AM Ignore md11capt Report Abuse BIG OIL lackeys continue their whining.
doeslayersr Champion Author Illinois Posts:9,111 Points:871,030 Joined:Dec 2010	Message Posted: May 4, 2012 11:31:53 AM Ignore doeslayersr Report Abuse No surprise over the job numbers and they will continue to slide until a miracle happens just a month or so before the November elections. This administration has been working hard to get people to believe 10%+ unemployment is a good thing. The real stats show unemployment is 17%+ due to all of the people who have quit looking and the government is glad to take them out of the mix. What a farce. [Edited by: doeslayersr at 5/4/2012 2:32:45 PM EST]
johntxx Champion Author Texas Posts:2,778 Points:615,345 Joined:Aug 2011	Message Posted: May 4, 2012 11:26:22 AM Ignore johntxx Report Abuse After saying again and again that he has no control over oil prices, just watch what comes out of his mouth now.
humblepie Champion Author Toledo Posts:34,191 Points:2,371,370 Joined:Mar 2006	Message Posted: May 4, 2012 11:18:06 AM Ignore humblepie Report Abuse but but but, obama says the economy is booming..........
johntxx Champion Author Texas Posts:2,778 Points:615,345 Joined:Aug 2011	Message Posted: May 4, 2012 11:00:56 AM Ignore johntxx Report Abuse Dive baby dive! It'd be nice to see a $10 drop today followed again by one on Monday, then ultimately levelling out in the $70 to $80 range--still profitable enough for exploration and production, but not gouging the consumers.
jvf514 Rookie Author Chicago Posts:64 Points:35,840 Joined:Mar 2012	Message Posted: May 4, 2012 10:48:43 AM Ignore jvf514 Report Abuse gas "tumbling " to 4.07 ave here even when we have too much oil they got us by the barrels pun intended common obummma!!! do something!!!
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: May 4, 2012 10:42:18 AM Ignore brbaritone Report Abuse Oil supplies are at a 21-year high. Gasoline demand is at an 11-year low. This news should be a tipping point and start a bear market in oil trading. Oil and gasoline have been way too high for way too long.
drpepperTX Champion Author Texas Posts:8,939 Points:751,985 Joined:Apr 2011	Message Posted: May 4, 2012 10:41:24 AM Ignore drpepperTX Report Abuse Obamanomics at work. Dismal job production leads to falling oil and gasoline prices. Current prices: GASOLINE RBOB FUT (USD/GAL.) 295.64 -9.36 (-3.07%) 13:20 ET WTI CRUDE FUTURE (USD/BBL.) 97.92 -4.62 (-4.51%) 13:20 ET
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: May 4, 2012 10:40:17 AM Ignore brbaritone Report Abuse ... there’s no excuse to these numbers,” said James Cordier, a portfolio manager with Optionsellers.com in Florida. “The U.S. economy is slowing, no one is arguing that anymore.” Disappointing economic data tend to raise concerns about the strength of the economy and oil demand in the U.S., the world’s largest consumer of oil. Oil futures were already trading lower ahead the jobs report, extending losses from the preceding session. Crude closed at its lowest level in two weeks Thursday, tumbling $2.68, or 2.6%, to settle at $102.54 a barrel. Record high levels of inventories continued to weigh on markets. Wednesday’s U.S. inventories report revealed another big rise in stockpiles, the sixth in a row, putting crude supplies at a 21-year high. Traders also sorted out a change in exchange rules prompted by new Commodity Futures Trading Commission regulations in commodity trading. The new rules, which will increase the money needed to trade futures for some exchange members, are set to go into effect in 90 days, and not Monday as previously expected. The CME Group, the U.S. top exchange for futures, said in a news release late Thursday it had sought and received the 90-day extension to “work with the CFTC to address member-customer concerns.”