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Oil Jumps as U.S. Job Numbers Gloss Over Virus Menace – Investing.com

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© Reuters.

By Barani Krishnan

Investing.com – Upbeat U.S. jobs numbers helped oil prices jump over 5% on the week, gaining more than they lost the previous week. It was the second time in a month that oil bulls pulled off such a feat, despite the resurgence in U.S. coronavirus cases and threats of fresh curbs on the economy.

New York-traded , the benchmark for U.S. crude futures, settled up 83 cents, or 2.1%, at $40.65 per barrel after the U.S. Labor Department said the economy added 4.8 million jobs in June versus a forecast growth of 3 million jobs.

Riding the coattails of the WTI rally, London-traded , the global benchmark for oil, climbed $1.02, or 2.4%, to $43.05 by 2:30 PM ET.  

For the week, WTI rose 5.6%, way more than the 3.2% it lost last week. Two weeks ago, there was a similar occurrence when the U.S. crude benchmark gained 9.6% versus the previous week’s 8.3% decline.

In Brent’s case, the current week’s gain of 5% more than made up last week’s slide of 2.8%. Similarly, the global crude benchmark was up 8.9% two weeks ago, after a drop of 8.4% a week earlier.

The upbeat jobs numbers for June garnered much of the attention across markets. But continuing weekly jobless claims increased, suggesting a large part of the labor market still hasn’t come back.  

The rising toll of Covid-19 infections across the U.S. Sunbelt also suggested that new economic lockdowns might be in order, stunting the nascent recovery seen over the past two months.

“As U.S. hospitals continue to see surges with Covid-19 cases, the June jobs gain will be shrugged off as the massive spike in cases from the Southeast to Southwest region will likely delay the reopening momentum in the economy and stifle the strong recovery in jobs seen this month,” said Ed Moya, an analyst at New York’s OANDA.

“Appetite for risky assets could go nowhere as the June jobs gain was almost too good and will lead many to believe that the next fiscal package for economic recovery might be smaller.” 

Oil prices have trended higher since the Energy Information Administration reported on Wednesday a 7.2 million-barrel drawdown in for the week ended June 26 — about 10 times more than forecast.

While crude stockpiles slumped, rose 1.2 million barrels, compared to a draw of 1.7 million barrels a week ago. provided a better case for oil bulls, sliding by 593,000 barrels versus, compared to a build of nearly 250,000 barrels previously.

Crude production, meanwhile, remained unflinching at an estimated 11 million barrels per day, suggesting the output cutbacks seen over the last three months were all but over as the 300% rally in WTI from April’s price lows encouraged U.S. drillers to turn their taps back on. The steadying crude production affirmed the dwindling cuts on , which showed a decline of just one unit last week.

On the virus front, the United States was reporting some 40,000 new cases of coronavirus daily in the so-called “second-wave” of the outbreak. Top U.S. pandemics expert Anthony Fauci said earlier in the week that this could grow to 100,000 daily without proper social-distancing and other safety measures. 

Data shows that some 2.8 million Americans have already been infected by the Covid-19, with a death toll exceeding 131,000.  A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1, casting further doubts on economic reopening from lockdowns. As a sign of how seriously the world was viewing the U.S. outbreak, the European Union reopened its borders to visitors from 15 countries earlier this week, but excluded Americans.

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Heat warning issued for Toronto as humidex of 40 expected – CTV Toronto

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TORONTO —
Environment Canada issued a heat warning for Toronto on Sunday, saying temperatures with the humidity will feel like close to 40 C at times.

Meteorologists project temperatures will reach 32 C on Sunday, feeling like 38 to 40 C, while the mercury will hit 31 to 33 C on Monday with the humidity making it feel like 39 to 40 C.

They say the high temperatures will increase the risk of air pollution or smog.

“The risks are greater for young children, pregnant women, older adults, people with chronic illnesses and people working or exercising outdoors.”

Everyone who is able should limit their time spent outside, and outdoor workers should hydrate well and take regular breaks in a cool place.

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Humidex to approach 40C in Toronto on Sunday and Monday – CP24 Toronto's Breaking News

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Chris Herhalt, CP24.com


Published Sunday, August 9, 2020 7:56AM EDT


Last Updated Sunday, August 9, 2020 1:38PM EDT

Environment Canada issued a heat warning for Toronto on Sunday, saying temperatures with the humidity will feel like close to 40 Celsius at times.

Meteorologists project temperatures will reach 32C on Sunday, feeling like 38 to 40C, while the mercury will hit 31 to 33C on Monday with the humidity making it feel like 39 to 40C.

They say the high temperatures will increase the risk of air pollution or smog.

“The risks are greater for young children, pregnant women, older adults, people with chronic illnesses and people working or exercising outdoors.”

Everyone who is able should limit their time spent outside, and outdoor workers should hydrate well and take regular breaks in a cool place.

The City of Toronto says three cooling centres will be open Sunday afternoon at Metro Hall on John Street, Malvern Recreation Centre on Sewells Road and Masaryk-Cowan Community Recreation Centre on Cowan Avenue.

Metro Hall will be open 24-hours during the heat warning.

On Monday, Mimico-Coronation Club on Judson Street will also be open to the public as a cooling centre.

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A Heat Warning in effect for Mississauga – insauga.com

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A heat event is expected in Mississauga.

Timing: Today through Monday. The heat event may persist into Tuesday.

Maximum temperatures today: 30 to 32 degrees Celsius (Humidex 38 to 40).

Maximum temperatures Monday: 31 to 33 degrees Celsius (Humidex 39 to 41).

Minimum overnight temperatures: 20 to 23 degrees Celsius.

Hot and humid air can also bring deteriorating air quality and can result in the Air Quality Health Index to approach the high risk category.

Extreme heat affects everyone.

The risks are greater for young children, pregnant women, older adults, people with chronic illnesses and people working or exercising outdoors.

Never leave people or pets inside a parked vehicle.

Outdoor workers should take regularly scheduled breaks in a cool place.

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