The larger than expected drop in gasoline inventories, the biggest since 2017, allowed oil prices to remain over $64 USD a barrel for West Texas Intermediate. Although crude levels are growing, the demand for gasoline has gathered steam, this all against a backdrop of a slowing global economy, at least that is what the International Monetary Fund said yesterday. The IMF expects that 2019 will be the weakest since the financial crisis of ten years ago, global growth will be 3.3%, down from 3.5% from its earlier forecast. However, expectations are for a better second half and a better 2020
The USDCAD is unchanged, the FOMC will release the minutes of its last meeting at 11:00 am PST, shouldn’t be a market mover, still watching the U.S. economy with a close eye, and still waiting for China and the U.S. to come to some form of a trade agreement.
Currently Close Range
USDCAD 1.3321 1.3330 1.3319-1.3360
EURCAD 1.5010 1.5013 1.4991-1.5045
GBPCAD 1.7444 1.7394 1.7384-1.7468
Prior Actual
US: Consumer Price Index March 0.2% 0.4%
Petroleum Status Report wk4/5
Crude Oil 7.2 M Brls 7.0 M Brls
Gasoline -1.8 M Brls -7.7 M Brls
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