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Iranian Foreign Ministry spokesman: Tehran is still weighing its response to the US proposal.On May 8th, Adam Salhan, CEO of 50 Park Investments, stated that the jobs report was slightly stronger than expected, neither too hot nor too cold. The data wasnt strong enough to trigger more inflation or cause problems for the Federal Reserve, but it was enough to alleviate market concerns about stagflation and an economic slowdown. Ultimately, it all comes down to the Federal Reserve. The unemployment rate hasnt risen, and the market can confidently confirm that it remains low for the Fed.On May 8th, Andrew Grantham, an economist at CIBC Capital Markets, stated that Canadas job losses in April and the rise in the unemployment rate from 6.7% to 6.9% indicate an increasing degree of slack in the labor market. Canadas employment decreased by 17,700 in April, with a further decline in full-time jobs being the main drag. In the first four months of 2026, Canadas full-time employment is projected to decrease by approximately 47,000, a drop of about 0.3%. Grantham stated that the increased slack in the labor market should limit the spread of oil price shocks to other goods and services sectors. He added that this data further strengthens CIBCs expectation that the Bank of Canada will maintain a wait-and-see stance in 2026.White House National Economic Council Director Hassett: Emphasizes fiscal responsibility to address debt.On May 8th, TD Securities U.S. interest rate strategist, Molly Brooks, stated that the market reaction was in line with their expectations, with a fairly mild response to the higher-than-expected non-farm payroll data. They previously believed that any dovish data—whether it was a rise in the unemployment rate or non-farm payroll data near zero or negative—could trigger a larger market reaction. This report suggests that there is no conflict between the Feds dual mandates. In the short term, they will continue to focus on the inflation mandate, as this mandate is more likely to deviate from its target.

Oil Prices Stabilize as Shanghai's Lockdown is Eased and Russian Output is Reduced

Aria Thomas

Apr 13, 2022 09:27

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Shanghai said more than 7,000 residential units had been designated as lower-risk locations after a 14-day period with no new illnesses. Districts have begun stating which compounds are available for public inspection.


Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cautioned that it would be hard to replace the 7 million barrels per day (bpd) of Russian oil and other liquids exports that would be lost as a result of sanctions or voluntary measures.


On Monday, Russian oil and gas condensate output dipped below 10 million barrels per day (bpd), the lowest level since July 2020, two individuals familiar with the data said on Tuesday, as trading was impeded by sanctions and logistical restrictions.


According to sources, Russia's average oil production declined more than 6% to 10.32 million barrels per day (bpd) on April 1-11, from 11.01 million in March.


Although the European Union has not yet imposed an embargo on Russian oil, certain foreign ministers have indicated that the possibility is being considered.


"The oil market is susceptible to a huge shock if Russia's energy sector is sanctioned, and that risk remains," stated Edward Moya, a senior market analyst at OANDA.


OPEC dropped its prediction for Russian liquids output in 2022 by 530,000 barrels per day, but maintained its forecast for global oil demand growth, citing the effect of Russia's invasion of Ukraine, rising crude prices, and the recurrence of the epidemic in China.


Indian Oil Corporation (IOC), which previously purchased Russian Urals in bids, has withdrawn the grade from its next crude offer. On Monday, US Vice President Joe Biden informed Indian Prime Minister Narendra Modi that purchasing more oil from Russia was not in India's best interests.


Members of the International Energy Agency (IEA) intend to release 240 million barrels over the next six months beginning in May in an attempt to stabilize the market.


While the release will alleviate acute shortages, economists cautioned that it would not address the underlying imbalance, and supplies will need to be replenished.


According to a preliminary Reuters poll, 8849|US crude oil inventories are estimated to have increased by 1.4 million barrels in the week ended April 8, after three consecutive weeks of declines.


The survey was taken ahead of Tuesday's American Petroleum Institute report, which is scheduled to release at 4:30 p.m. EDT (2030 GMT).

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