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Unexpectedly Strong Jobs Report Sends Oil Soaring

Oil

U.S. West Texas Intermediate crude oil futures are trading at their highest levels of the week on Friday and inside the price gap created on March 9 when the market opened sharply lower, officially starting the coronavirus-related plunge. The price action strongly suggests the buying is getting stronger especially if traders fill the gap.

The market was initially supported after a report said OPEC and its allies led by Russia would meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such as Iraq and Nigeria to comply better with the existing curbs.

A second surge in the market occurred following the release of a much better-than-expected U.S. Non-Farm Payrolls report. This surprisingly strong report is a sign that the economy is improving much faster than previously expected, meaning that demand will pick up at a much faster pace than currently estimated.

OPEC+ Wants an Extension and Better Compliance

Saturday’s meetings would start with talks between members of the Organization of the Petroleum Exporting Countries and be followed by a gathering of the OPEC+ group, an OPEC+ source said, after Algerian and Russian media reported the meetings, Reuters reported.

Two OPEC+ sources said Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August.

Three OPEC sources said…





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  • Maxander on June 06 2020 said:
    The oil price rally we had seen yesterday was due to OPEC & Russia's meeting on production cut extension which is being held today.
    As far as US nonfarm payrolls are concerned, the May data is still falling short off in convincing recovery in America as on YoY basis, non farm payrolls dropped by 17.66 mn in May. Looking at better indicator 3 month's avg, it is still showing non farm payrolls decrease of 6.5 mn.

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