Forty-two years to the day after the filming of “Jaws” began (in Martha’s Vineyard, Massachusetts), and the bears are smelling blood in the water for a pullback. With certain countries closed for a bank holiday today (May day! May day!), here are five things to consider in the oil market: 1) With a new month on deck, we get a new onslaught of economic data, and specifically, global manufacturing data. China kicked things off over the weekend, with a below-consensus print on its official PMI manufacturing number, showing marginal expansion at 50.1 (down from 50.2 last month and below the expectation of 50.4). Elsewhere, Japan’s manufacturing PMI was better than expected, but still showed contraction, while the Eurozone PMI was above consensus, growing, and also above last month. Both France and Germany were below par, but were offset by strength from Spain and Italy. Brazil’s manufacturing print was a […]