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Refined Products

Recap:  Oil shed early gains after the U.S. Labor Department indicated weaker than expected job growth in the U.S. Payrolls outside of farming rose by 142,000 last month and August figures were revised sharply lower to show only 136,000 jobs added that month, the Labor Department said on Friday. November WTI fell 1.3 percent following the report, and then slightly bounced, only to fall to a new session low. The late session release of the U.S. rig count, which was down for the fifth straight week, spurred the market higher. November WTI settled at $45.54, up 80 cents on the day. Brent for November delivery settled at $48.13, up 44 cents. 

With Hurricane Joaquin shifting more to the east, and therefore missing oil infrastructure along the coast, New York RBOB futures fell more than 5 cents, reaching a low of $1.3083. RBOB for November delivery finished at $1.3414 down $2.54 on the day. November heating oil finished basically unchanged at $1.5199.

Fundamental News: The head of the IEA said that the anticipated decline in non-OPEC oil production next year could result in elevated pressure on prices. He noted that global oil investments this year are expected to contract by 20%, marking their largest annual decline in history.

Crude oil production at Syncrude Canada's oil sands operations averaged only 63,300 b/d in September, down 79.5% from August, according to Canadian Oil Sands Ltd. The company noted today that normal operations have resumed finally following the disruption caused by the August 29th fire.

Baker Hughes reported Friday afternoon that U.S. oil companies had reduced the number of rigs searching for oil in the United States by 26 rigs, bring the total number of rigs operating to just 614, the lowest level since August of 2010. A year ago some 1,591 oil rigs were operating.

Platts reported that PDVSA has begun the gradual reactivation of operations at Amuay and Cardon refineries affected by the blackout Thursday. The company said it would take three to four days to restart both refineries.

The U.S. Commerce Department reported this morning that factory orders in the U.S. during August fell by 1.7%. Market expectations had been for only a 1.2% decline. In addition the Commerce Department lowered its July reading by 0.2% to only a 0.2% gain.

The U.S. Department of Labor reported Friday morning that in September non-farm payrolls increased by 142,000 jobs. Market expectations had been for a gain of 203,000 jobs. The September jobless rate remained at 5.1% with the labor force participation rate slipping from 62.6% in August to 62.4% in September. The Obama administration noted that economic weakness overseas is weighing on U.S. job growth.

Barclays said Friday it was estimating the total global commodity funds under management at the end of August stood at $242 billion, which is the lowest level in about six years. Total flows in and out commodities were sizeable in both July and August, with inflows led by energy exchange traded products (ETPs), and Index investors withdrawing$1.3 billion in August, making year to date outflows reach $7.5 billion.

Early Market Call - as of 9:10 AM EDT

WTI - Nov $46.69  up $1.15

RBOB - Nov  $1.3937 up 5.23 cents

ULSD - Nov $1.5582 up 3.83 cents

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Natural Gas

Friday, October 2nd, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.421, roughly a penny below Thursday’s closing price of $2.433.  Launching vertically out of the gate, prices rose to $2.447 by 9:10AM, but withdrew to the intraday low of $2.417 in the following thirty minutes.  Mounting a new ascent from here the contract confidently rose to record the intraday high of $2.464 at 11:15AM.  Trading near $2.460 shortly after noon prices fell for the majority of the hour, but made nearly a full recovery by 1:30PM.  November proceeded to trade on either side of $2.450 for the balance of the day, closing higher on Friday at $2.451.

This morning in Globex, WTI Crude was up 48 cents; Natural Gas was down a penny; and, Heating Oil and Gasoline were down two cents.

Cash prices were lower in both New York and New England.

Natural Gas Glossary

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