Better Jobs Growth Spurs Higher Oil: Grossman

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Dec. 6 (Bloomberg) -- Bloomberg's Scarlet Fu and Jeffrey Grossman, president at BRG Brokerage, put oil futures in focus in "On The Markets" on Bloomberg Television's "In The Loop."


It is a matter of perception.

The economy seems to be doing well.

The stockmarket is strong.

You will see a higher price in oil.

It is on a sympathetic basis.

I do not know how long that will hold.

I go back to the old fundamentals of supply and demand.

The overall feeling is that we are on the upside.

There is an optimism.

In that chart, it shows a big swing.

Futures traded within a 99% range.

Why such a muted range after this report?

We were trading on different criteria here.

We are still trading on reports that came out a few days ago.

That is what we're basing it on.

We had a nice strong in crude oil.

Gasoline and heating oil showed a little weakness in comparison.

Today, we are rebounding a little bit and the market is holding.

Crude oil is up as high as you can imagine in the technical range.

We are trading up to $90. that is exceeding what i had predicted.

I know that you are watching a couple of spreads.

Tell me which one you think is most important in determining the direction of crude.

For the last six months, gasoline is still a main indicator.

We're keeping an imm.

It gives us an idea of the tone of the consumption across the board.

We should be switching to heating oil.

That will be what is important as we going to heating oil season.

What i always do is look at the spread.

If the front reaffirms the move, that usually affirms the up move.

The front month are not showing the great straight, so it is holding down the upside that took place yesterday.

Thank you for your insight.

We are on the markets once again in 30 minutes.

"market makers" is up next.


This text has been automatically generated. It may not be 100% accurate.


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