Today’s oil inventory numbers caused oil prices to drop over 4% after the report showed the large crude oil build was almost double the size of the 3.5 million barrel increase reported Tuesday by the American Petroleum Institute, a private industry group, which also reported a build of 2.7 million barrels for gasoline and 6.3 million barrels for distillates. WTI prices fell about $2.00 to around $51.70 per barrel immediately following the release of the EIA report.
The USDCAD remains unchanged, traders are waiting for tomorrow’s trade numbers, the Bank of Canada remains positive on the Canadian economy and the trade numbers will give some added ammo to the BoC’s views.
Currently Close Range
USDCAD 1.3394 1.3394 1.3363-1.3407
EURCAD 1.5070 1.5070 1.5056-1.5126
GBPCAD 1.7026 1.7011 1.6978-1.7065
US: Petroleum Status Report wk5/11
Crude Oil -0.3M Brls 6.8M Brls
Gasoline 2.2M Brls 3.2M Brls