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Oil prices jump on continued limited production, plus mega ship blocks Suez Canal

By MoneyWay | Mar 24, 2021

Oil producers have intimated that even with the recent run up in oil prices they are not going to ramp up infrastructure spending beyond necessary. They have become reticent as to their plans fearing any backlash from Washington and its green plans, plus OPEC could fill in any potential gaps at any moment. As a  result inventory levels have fallen and it appear that a “just in time” method of production is becoming the norm. Prices have jumped 5% this morning.

Equities are mixed, tech stocks are out of favour to blue chips , interest rates are lower but still set to rise given half a chance. The problem now is that there appears to be global bickering as to the vaccine rollouts, Europe doesn’t want to give Britain any, now that it’s out of the EU, India is contemplating keeping its production as variant cases dramatically. Canada has ordered five times its population in the number of vaccines and as yet only 5% of its population is vaccinated compared to the USA which is over 25%. Canada is set to receive a lot more in the near future, we shall wait and see.

Currently*          Close                      Range

USDCAD               1.2545                   1.2585                   1.2545-1.2608

EURCAD               1.4845                   1.4912                   1.4839-1.4926

GBPCAD               1.7225                   1.7306                   1.7212-1.7313

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