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Oil Prices Increase Ahead of Official Inventory Data

Published February 7, 2018
  • The US trade deficit in December widened to -53.1 billion, compared to -50.5 billion the previous month. This reading could serve as an argument for President Trump in NAFTA talks with Canada and Mexico. The Canadian trade deficit in December widened to -3.2 billion, compared to -2.7 billion in November.
  • The greenback moved higher against other major currencies today, recovering from earlier losses, although gains are expected to remain limited as investors are still cautious following the recent rout in global equities. USD/CAD is currently up on the day, trading in the range of 1.2493-1.2544 at time of writing.
  • The Reserve Bank of New Zealand will announce their official cash rate today, accompanied by their rate and policy statements, at 3pm ET. It is forecast that the cash rate will remain unchanged at 1.75%.
  • Oil prices have moved higher ahead of today’s official inventories release with expectations for a build of roughly 3.2 million barrels. Brent crude is up ~0.75% while WTI crude is up ~0.38%, trading at roughly $67.33 and $63.80/barrel, respectively, at time of writing.
  • Canadian job numbers on Friday continue to be a focal point for the week as far as the economic calendar goes. The next few days will see a number of speeches from several US Federal Reserve regional governors, four of whom will be speaking publicly today (Kaplan, Dudley, Evan and Williams).