The March jobs report welcomes back Goldilocks

Just enough weakness in the report–the number of Americans working part-time but looking for full-time work rose by 135,000 to 6.12 million, the highest since August–to let the market believe that any interest rate increase will be modest and is a long way off. And just enough strength–215,000 new jobs added in March–to keep up confidence in the U.S. economy.

More oil than expected in U.S. inventories

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Something different–and disconcerting–about today’s oil rally

I’ve got to say that the oil market seems very impressed with the impending meeting of oil producers–scheduled for March 20–that will, if everything goes right, produce promises from Russia, Saudi Arabia and other countries to freeze production at current record levels. A freeze would do nothing to reduce the current oversupply stored in tank farms and anchored tankers around the world.