Crude Update

Crude futures are continuing to trade higher Friday, with the front-month March Nymex contract last higher by 30 cents at $57.60.

However, slightly tongue in cheek, some oil traders say the main upcoming focus is not the jobless data but the fact it is Groundhog Day.

Therefore, the appearance (or non-appearance) of legendary groundhog Punxsutawney Phil's shadow could be a main market mover. Fable has it that if Phil sees his shadow when he emerges from his hibernation bolthole at round 0730 local time, there will be six more weeks of
winter weather. If he doesn't see his shadow, an early spring is forecast.

So, look for a major weather indicator around 0730EST and a possible move in crude futures.