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• Commodities: Oil, Gold Likely to Wait for US Jobs Data for Clear Cues
• Australian Stock Market Report – Midday 12/7/2012
• Australian Dollar Outlook - 07 December 2012

The US manufacturing number seemed to take the wind out of the sales for oil as the Institute for Supply Management's Factory Index surprisingly fell to 49.5. That was the lowest reading since July, 2009 and a sign that the US manufacturing sector is headed south. Now it is possible that the index and the drop in new orders came about because of Hurricane Sandy but it did not seem to make a difference to traders who are worried about going over the fiscal cliff. Not even the fact that China's manufacturing data should indicate that Chinese oil demand should go back to an all-time high helped because it is likely that would not be sustainable with the US going into a fiscal dive.
What also is a concern is the weather. Weather in the US is still very mild. Despite the call for falling temperatures it is clear that the earlier calls for a much colder winter are not looking good unless we see some kind of dramatic change. This is also pressuring natural gas as well.

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