The latest jobs report came out last week, but because of Good Friday, the market hasn't yet had the chance to react accordingly. Today is the first day since the release of the report that stocks and commodity trading is open- and it's looking like the report may just have sent more fear back in to the market.
Oil prices are down near $100 per barrel, and if things continue, oil may even drop under that magic triple digit level, which could possibly lead to further a sell-off as technical barriers are broken. Gasoline futures are also down to start the week, continuing last week's sell off after the Energy Information Administration report that showed refineries boosting utilization earlier than expected amid a 9 million barrel rise in crude inventories.
We haven't seen crude oil prices (WTI) breach the $100 mark since early February, back when gasoline prices were hovering in the mid $3-range. We'll just have to see until markets get their bearing this morning how much ammunition this jobs report gives commodity traders.
For what it's worth, the national average for a gallon of gasoline has begun to drop from it's peak of $3.917 on April 5, and stands at $3.911 as of 11:59pm April 8. Not exactly a huge drop in prices, but it does show that after countless days of rising, gasoline price increases are indeed beginning to cool.
We'll continue to follow the reaction to the jobs report, be sure to follow us on our
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