Oil prices continue to zigzag on Friday as they did throughout October; currently the major energy commodities are traded up. The recent news from Canada and U.S. about the encouraging employment reports may contribute to the light optimism in the commodities market that may help oil to climb up. Today, the European industrial production report will be published, Australia’s business confidences survey and Japan’s current account.
On Friday, October 7th oil price (WTI) slightly inclined by 0.47% to $82.98/b; Brent nearly didn’t change as it slipped by 0.03% to $105.87/b; during October WTI rose by 1.36% and Brent by 0.43%.
U.S. NG Storage Inclined by 97 Bcf
According to the recent EIA report regarding the U.S. natural gas market, the underground NG storage (Billion Cubic Feet) increased last week by 97 Bcf and reached 3,409 billion cubic feet for all lower 48 states; the current gas storage is 0.8% above the 5-year average.
Canada’s Employment Also Inclined
The Canadian labour employment also showed an improvement as the employment grew by 61,000 during September after the employment remained nearly unchanged in the previous months.
Forex Market and Oil– October
The AUD/USD slightly inclined on Friday by 0.23%. On the other hand, the USD appreciated against the EURO and CAD. The new of the employment situation in Canada and even more so in the U.S may have affected not only the Forex markets, but also the major commodities prices. That being said, if the USD will depreciate against the above-mentioned currencies as it did during October, this shift may affect oil to incline.
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Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.