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Brent crude oil futures extend losses below $110/bbl and WTI crude slips toward $91 after U.S....

Brent crude oil futures extend losses below $110/bbl and WTI crude slips toward $91 after U.S. payrolls data indicates labor markets are on a path toward sustained job creation. The restart of the North Sea pipeline system, no change in policy from either the Bank of England or ECB, and indications of increased OPEC exports also are keeping a lid on Brent prices.
Comments (10)
  • Why would a good jobs report drive the cost of oil, one would assume, more jobs equals more businesses humming along and burning more energy. If factories are running energy is being used.


    Unless the fall in price is related to the dollar weakening.
    8 Mar 2013, 09:49 AM Reply Like
  • Dollar strenthening nort weakening
    8 Mar 2013, 09:59 AM Reply Like
  • Thanks - wondered the same as Mr. Smith.
    8 Mar 2013, 10:12 AM Reply Like
  • That's correct, I had it backward.


    8 Mar 2013, 10:16 AM Reply Like
  • Pure manipulation. The Fed is worried about Oil heading towards $100 and Gas to $4.00. For every penny that gas rises, billions are taken out of the economy to buy on other stuff. Thus, the catch 22. In order for the market to keep rising, Oil has to rise too as it normally leads. If it does, it puts the recovery in jeopardy as less and less $ to spend. Thus, the dilemma. Oil will stay above $90 and most likely with trade sideways for awhile. If it starts to move up along with Gas as Spring approaches, we may see a top in April / May.
    8 Mar 2013, 10:46 AM Reply Like
  • are they manipulating the price? Flooding the market with oil?
    8 Mar 2013, 11:10 AM Reply Like
  • The Big Boys (Banks), the Fed and the large producers (OPEC). You know as well as I do, that they can manipulate supply versus demand. Every time Oil gets near $100, we get an Oil shock. The Fed reminds me of a high wire act. "How do I balance jobs, interest rate, $ value, Gas Price, stock market" so that the majority of the people will feel good and go and spend. The problem today, is that we are in uncharted waters. When the Fed started QE, Gas was in the $2.75 range. Today it is $3.75 or a 35% increase. Unless you work for one of the bank fraudsters, I am sure most have not seen their incomes grow by that amount. So, if they want the markets higher, Oil and Gas have to go up. Should be interesting.
    8 Mar 2013, 02:49 PM Reply Like
  • With all due respect, I disagree. I have never believed that a group somewhere is manipulating the market, because if there is, there is another group somewhere trying to figure out how to put the screws to them so that they themselves can reap the rewards.


    As for the "bank fraudsters", I don't believe any other sector has seen more job losses than the banks, hell a number of them completely failed or were closed by the FDIC. My sister works for a medium sized regional bank and they got rid of a large number of people and have gone through some lean years.


    The easiest thing to do is point the finger at someone and say they are the problem, it is usually not that simple.
    8 Mar 2013, 03:00 PM Reply Like
  • Agreed, Mr. Smith. They all can't be manipulating the market unless they are all in cahoots and then they would all want the same price direction, which they don't.
    8 Mar 2013, 09:28 PM Reply Like
  • the call just a day or so ago was jump on the north sea as it was going to sky.


    so nacherly, it dropped.


    8 Mar 2013, 11:08 AM Reply Like
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