The following is a list of items that are impacting the market today:
- The just released jobs report which was lower than expectations (142,000 jobs added in September vs. 200,000 expected)
- China’s imports of crude remains down
- Russian bombings into Syria creating geopolitical tensions
- Hurricane Joaquin veering away from a direct hit on the US
As a result, as of the time of this writing the diesel and gas futures market is down .02 cents to .05 cents while crude oil is slightly down.
These points have led one prominent financial analyst to predict that a rebound could be near stating “when there’s bad news and something doesn’t decline, it usually means it’s at a bottom and will be turning.”
Please see the three pictures below as “a picture is worth a thousand words.”
Picture 1) Yesterday’s closing numbers
Picture 2) Joaquin’s projected near miss
Picture 3) Crude’s six-month price chart
Have a great weekend!