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Crude Holds Strength Supported by Slightly Weaker US Dollar

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Crude markets remain largely unchanged following the US jobs data and still just below the highs of the day.

  • A weaker US dollar is providing some extra support to crude. The uptick in unemployment and underemployment dominates when it comes to the initial NFP reaction, with slightly softer than expected M/M AHE also noted. Those factors more than offset the firmer than expected headline NFP reading.
  • US AUG NONFARM PAYROLLS +187K; PRIVATE +179K, GOVT +8K
  • US PRIOR MONTHS PAYROLLS REVISED: JUL +157K; JUN +105K
  • US DATA: AHE Unrounded - Aug'23: M/M (SA): 0.237% in Aug from 0.417% in Jul, Y/Y (SA): 4.286% in Aug from 4.361% in Jul
    • Brent NOV 23 up 0.8% at 87.56$/bbl
    • WTI OCT 23 up 0.9% at 84.38$/bbl
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Crude markets remain largely unchanged following the US jobs data and still just below the highs of the day.

  • A weaker US dollar is providing some extra support to crude. The uptick in unemployment and underemployment dominates when it comes to the initial NFP reaction, with slightly softer than expected M/M AHE also noted. Those factors more than offset the firmer than expected headline NFP reading.
  • US AUG NONFARM PAYROLLS +187K; PRIVATE +179K, GOVT +8K
  • US PRIOR MONTHS PAYROLLS REVISED: JUL +157K; JUN +105K
  • US DATA: AHE Unrounded - Aug'23: M/M (SA): 0.237% in Aug from 0.417% in Jul, Y/Y (SA): 4.286% in Aug from 4.361% in Jul
    • Brent NOV 23 up 0.8% at 87.56$/bbl
    • WTI OCT 23 up 0.9% at 84.38$/bbl