Crude Markets Unchanged Following US Payrolls Data

Crude markets remain relatively unchanged after higher than expected March US employment data show a job gain of 300k vs. 214k estimated. Front month crude is holding onto the $5/bbl gains seen since Mar.27 despite a stronger USD.

• Balance of data: Private Payrolls (232k vs 170k est)
• Unemployment Rate (3.8% vs. 3.8% est vs. 3.9% prior),
• Average Hourly Earnings MoM (0.3% vs. 0.3% est), YoY (4.1% vs. 4.1% est),
• Labor Force Participation Rate (62.7% vs. 62.6% est)
• The recent price increase has been driven by rising Middle East tensions, OPEC+ output cuts and some signs of improved demand from the US and China.
• Technicals show the bull cycle remains in play with first Brent Jun24 resistance at Apr. 4 high of 91.3$/bbl and WTI at 87.22$/bbl. Brent support is down at the 20 day EMA of 85.45$/bbl and WTI at 81.94$/bbl.
  • Brent JUN 24 up 0.4% at 90.97$/bbl
  • WTI MAY 24 up 0.2% at 86.76$/bbl
  • WTI-Brent up 0.05$/bbl at -4.94$/bbl
  • Brent JUN 24-JUL 24 down 0.02$/bbl at 0.97$/bbl
  • Brent JUN 24-DEC 24 up 0.03$/bbl at 5.41$/bbl
  • WTI MAY 24-JUN 24 down 0.06$/bbl at 0.72$/bbl
  • WTI JUN 24-DEC 24 up 0.05$/bbl at 5.46$/bbl