Oil Rises Most in Two Months as Saudis Boost Pricing to Asia

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Oil futures jumped the most in two months after Saudi Arabia raised prices for crude shipments to Asia, as demand from refineries improved.

West Texas Intermediate crude surged 6.1 percent in New York and Brent gained 5.8 percent in London, where volumes were about 50 percent below the 100-day average because of the Easter Monday holiday. Saudi Arabia narrowed the discount on its main Arab Light grade for next month’s sales to Asia.

U.S. refineries are processing record amounts of crude for this time of year, while Saudi Arabian Oil Minister Ali al-Naimi said last month that global demand was picking up. Prices also rebounded from losses spurred by Iran’s nuclear accord with world powers last week, on speculation the OPEC member won’t add to a global glut anytime soon.

West Texas Intermediate for May delivery gained $3 to end at $52.14 a barrel on the New York Mercantile Exchange. It was the biggest gain since Feb. 3 and the highest close since Feb. 18. The exchange was closed April 3 for the Good Friday holiday.

Source: Bloomberg

Gold Touches Seven-Week High as Job Slowdown Damps Rate Concerns

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Gold futures climbed to the highest in almost seven weeks after slower-than-expected hiring in the U.S. boosted speculation that the Federal Reserve will delay raising interest rates. Silver rose to a one-week high.

Employers in March added 126,000 workers, the fewest since December 2013 and short of the 245,000 forecast by economists in a Bloomberg survey, a government report showed Friday.

Gold slid for three straight quarters as a yearlong string of monthly job gains exceeding 200,000, the longest run since 1995, added to signs of an improving U.S. economy. Traders have cut the probability the Fed will raise borrowing costs by September to a 29 percent chance from 34 percent odds before the jobs report.

Gold futures for June delivery added 1.5 percent to settle at $1,218.60 an ounce at 1:42 p.m. on the Comex in New York. Prices earlier touched $1,224.50, the highest since Feb. 17.

Source: Bloomberg

U.S. Stocks Rise as Energy Shares Surge With Oil; Gold Rallies

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U.S. stocks rose as energy shares rallied after crude jumped the most in two months. Gold touched a seven-week high on speculation the Federal Reserve will hold borrowing costs lower for longer.

The Standard & Poor’s 500 Index climbed 0.7 percent at 4 p.m. in New York. Energy shares in the index surged 1.8 percent. West Texas Intermediate crude jumped 6.1 percent as Saudi Arabia raised prices for shipments to Asia, its biggest regional market. The Bloomberg Dollar Spot Index rose 0.3 percent, reversing an earlier loss, while the yield on 10-year Treasury notes added seven basis points after touching a two-month low. Gold climbed 1.5 percent.

While U.S. exchanges were closed for the Good Friday holiday, futures tumbled 1 percent after the jobs report in abbreviated trading on April 3. The S&P 500 is 1.7 percent below its latest all-time high, set on March 2, after last week capping its ninth straight quarterly advance.

Source: Bloomberg

U.S. Stocks Rebound on Dudley Comments After Employment Report

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U.S. stocks rebounded from a selloff in futures after comments by a Federal Reserve official refocused investors on the implications for interest rate policy of last week’s employment data.

Energy and utility companies led the advance, with Hess Corp. and Halliburton Co. up at least 4.3 percent. Apple Inc. added 1.5 percent, while Coca-Cola Co. rose 2.2 percent amid gains in consumer stocks.

The Standard & Poor’s 500 Index gained 0.8 percent to 2,083.98 at 12:38 p.m. in New York after falling as much as 0.5 percent. The Dow Jones Industrial Average climbed 151.26 points, or 0.9 percent, to 17,914.50. The Nasdaq Composite Index added 0.7 percent.

Futures fell 1 percent on Friday after Labor Department data showed payrolls increased by 126,000 in March, the least since December 2013. The report is the latest of a number of economic releases to miss projections this year. While exchanges were closed for the Good Friday holiday.

Source: Bloomberg

U.S. Stocks Fluctuate, Dollar Falls on Fed Rate Bets; Gold Gains

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U.S. stocks fluctuated, while the dollar declined as weaker-than-estimated jobs data added to speculation that the Federal Reserve won’t be in a hurry to raise interest rates. Gold rose and oil climbed as Saudi Arabia raised prices for shipments to Asia.

The Standard & Poor’s 500 Index rose less than 0.1 percent at 9:58 a.m. in New York, after earlier falling 0.5 percent. The Bloomberg Dollar Spot Index slipped 0.3 percent, while the yield on 10-year Treasury notes was little changed near a two-month low. West Texas Intermediate crude jumped 2.1 percent to $50.17 a barrel and gold rose 1.6 percent. Stock markets were closed in western Europe on Monday.

U.S. payrolls trailed even the most pessimistic forecast, spurring speculation that the Fed will delay raising interest rates. New York Fed President William Dudley said the pace of rate increases is likely to be “shallow” once the Fed starts to tighten. While data signaling rates near zero for longer have previously been welcomed by American equity investors, concern is building that economic weakness will worsen the outlook for corporate profits.

U.S. exchanges were closed for the Good Friday holiday. The S&P 500 is 2.6 percent below its latest all-time high, set on March 2, after last week capping its ninth straight quarterly advance. Treasuries were little changed at 1.85 percent on Monday after yields on 10-year notes fell seven basis points in a shortened session on April 3.

Source: Bloomberg