Weekly crude imports fell 1.61 million barrels a day to 5.92 million, the lowest level since 1996. Weekly imports from Saudi Arabia fell to 346,000 barrels a day for the week ending Feb. 22, the Energy Information Administration reported Wednesday. Domestic crude production skyrocketed to 12.1 million barrels a day. The fall in imports comes as Venezuelan oil shipments drop due to U.S. sanctions against the government of Nicolas Maduro, and as Saudi Arabia curtails exports to the U.S. in an effort to reduce an oil glut in America. American crude stockpiles fell 8.65 million barrels last week.
The Canadian dollar has responded positively to oil prices, however, as the U.S. becomes more and more self-sufficient, Canada will have to definitely look offshore for new customers.
Currently Close Range
USDCAD 1.3148 1.3169 1.3118-1.3176
EURCAD 1.4945 1.4999 1.4940-1.5008
GBPCAD 1.7510 1.7452 1.7421-1.7541
CA: Consumer Price Index January M/M -0.1% 0.1%
Y/Y 2.0% 1.4%
US: Factory Orders December -0.5% 0.1%
Pending Home Sales January M/M -2.2% 4.6%
Petroleum Status Report wk2/22
Crude Oil 3.7 M Brls -8.7 M BRls
Gasoline -1.5 M Brls -1.9 M Brls