The demand for non-farm payroll services missed expectations with 235,000 jobs growth amid a slowdown in demand and persistent labor shortages as COVID-19 infections spread.
see photosBoth benchmark oil contracts were largely stable for the week, with US crude up 0.80%.
Oil prices fell on Friday after a weaker-than-expected US jobs report signaled a weak economic recovery that could mean slower fuel demand during the resurgent pandemic. The losses were compounded by concerns that US supplies would be limited in the wake of Hurricane Ida, which cut production from the US Gulf of Mexico. Brent crude futures were down 42 cents, or 0.58%, at $72.61 a barrel. US West Texas Intermediate (WTI) crude futures were down 70 cents, or 1%, at $69.29.
Both benchmark oil contracts were largely stable for the week, with US crude up 0.80%.
“Prices slipped on the employment report, which was clearly impacted by the delta version,” said John Kilduff, partner at Again Capital in New York. “It was a reality check that the coronavirus is still affecting demand,” he said.
The demand for non-farm payroll services missed expectations with 235,000 jobs growth amid a slowdown in demand and persistent labor shortages as COVID-19 infections spread. Economists polled by Reuters estimated that non-farm payrolls would add 728,000 jobs.
The losses were compounded by concerns that US supplies would be limited in the wake of Hurricane Ida, which cut production from the US Gulf of Mexico.
Meanwhile, oil and gas production in the US Gulf of Mexico was largely halted, with production of 1.7 million barrels, or 93% of daily crude, suspended, according to the offshore regulator of the Bureau of Safety and Environmental Enforcement.
“I expect production to be back online during the next week, versus the refinery coming back online over the next two weeks,” said Bob Yeager, director of Energy Futures in Mizuho, New York. The resumption of the refinery could lead to an uptick in crude oil supplies, which could impact the market.
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Some analysts see room for further price gains after the Organization of the Petroleum Exporting Countries and allies known as OPEC+ stuck to a plan to add 400,000 barrels per day (bpd) to the market over the next few months. The United States welcomed the move and promised to pressure the Exporting Club to support economic recovery by promoting exports.
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