Crude oil and refined product futures sharply lower due to possible ceasefire and strong US jobs report
- Crude oil and refined product futures are sharply lower
- Possible ceasefire between Israel and Hamas and strong US jobs report are putting pressure on futures
- Total open interest in NYMEX futures is at a nearly four-month high
- March WTI contract fell to $71.79/bbl in early Friday trading
- NYMEX March ULSD contract is about 7cts lower at $2.6404/gal
- NYMEX March RBOB contract is down 5.38cts to $2.141/gal
Crude oil and refined product futures are experiencing significant selling pressure, with prices sharply lower. This is due to a possible ceasefire between Israel and Hamas, as well as a strong US jobs report that has strengthened the dollar. Talks of a deal between Israel and Hamas have been ongoing, and while there is uncertainty, there is still interest in the market. Total open interest in NYMEX futures has been increasing, reaching a nearly four-month high. The March WTI contract fell to $71.79/bbl in early Friday trading. The NYMEX March ULSD contract is about 7cts lower at $2.6404/gal, while the NYMEX March RBOB contract is down 5.38cts to $2.141/gal. Overall, the selling pressure continues for oil and refined product futures.
Public Companies:
Private Companies: undefined, undefined
Key People: Elaine Levin (President of brokerage Powerhouse)
Factuality Level: 7
Justification: The article provides information about the movement of crude oil and refined product futures, as well as the factors influencing their prices. It includes quotes from industry experts and mentions recent news events that may impact the market. However, the article lacks in-depth analysis and context, and there is no mention of any opposing viewpoints or potential risks. Overall, the article provides some factual information but could benefit from more comprehensive reporting.
Noise Level: 3
Justification: The article provides information on the factors affecting crude oil and refined product futures, such as the possible ceasefire between Israel and Hamas and the strong U.S. jobs report. It also mentions the increase in open interest and price moves for the front-month contract. However, there is a lack of scientific rigor and intellectual honesty in the article, as it relies on unconfirmed reports and speculation. It also does not provide actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: Crude oil and refined product futures
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the movement of crude oil and refined product futures, indicating their relevance to financial markets. However, there is no mention of any extreme event or its impact.
www.marketwatch.com 
