New York (Platts)--5Oct2007
November crude futures on the New York Mercantile Exchange opened 44
cents lower at $81.00/barrel Friday, dropping prior to the start of open
outcry as the US dollar firmed in the wake of the US jobs report.
The Bureau of Labor Statistics reported the US unemployment rate
essentially unchanged at 4.7% while non-farm payrolls increased 110,000. More
importantly, non-farm payroll for August was revised to up 89,000 from the
originally reported down 4,000.
The US Dollar Index on ICE Futures immediately firmed on the release of
the jobs data as the possibility of an additional rate cut by the Federal
Reserve Bank was reduced.
November heating oil opened 13 points lower at $2.23/gal and November
RBOB opened 22 points lower at $2.23/gal.
--Linda Rafield, linda_rafield@platts.com