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Energy Currents: July U.S. Employment Report Bearish for Crude Futures

By: MT Newswires
Posted: 9/2/2011 8:56:00 AM
Referenced Stocks: ICE;NY

Crude oil futures are moving lower this morning after July employment data showed U.S. companies added no net new jobs during August, missing experts' already modest forecasts for the period. October contracts are now down more than $2.50 per barrel in New York to trade around $86.40.

Brent contracts also plunged but recovered about half of its immediate drop within a few minutes of the 8:30 a.m. ET report.

At 8:55 a.m.

Oct WTI Crude Oil ( NY ) $86.37 -2.56

Oct Brent Crude ( ICE ) $112.64 -1.65

Oct Natural Gas ( NY ) $4.025 -0.025