Support
US job market showing weakness
Continued jobless claims unexpectedly increased
US jobless claims were slightly above expectations at 238,000
Oil prices rose slightly
Gold reclaims the $2,350 mark
US Market
US jobless claims were slightly above expectations at 238,000 versus the forecast of 235,000, though lower than the previous 242,000. Continued jobless claims unexpectedly increased to 1,828,000 from 1,820,000, contrary to the expected drop to 1,810,000.
Oil Market
US EIA reported a change in oil inventories of -2.547M, compared to forecasts of -2.8M and the previous 3.73M.
Gasoline inventories dropped by -2.28M, against expectations of 1.05M and the previous 2.565M.
Distillate inventories decreased by -1.726M, compared to forecasts of 1.05M and the previous 0.881M.
Oil prices rose slightly following this data, reflecting a significant decline in gasoline inventories, which indicates higher demand.
Refinery capacity utilization fell by 1.5 percentage points, despite no change being anticipated. This decline contributed to lower petroleum product inventories, alongside a drop in crude oil inventories, presenting a bullish outlook for oil.
Gold
Gold reclaims the $2,350 mark, extending its rally to trade at its highest level in two weeks above $2,360 on Thursday. The precious metal is buoyed by escalating geopolitical tensions, maintaining its bullish momentum despite rising US bond yields and modest USD strength.
