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Oil Prices React to Upcoming Oil Stockpile Data Release

Published April 11, 2017
  • Oil prices moved from a five week high this morning as investors took profit ahead of weekly data on US oil stockpile inventories; the American Petroleum Institute is set to release its weekly report at 4:30 PM EST
  • Geo-political strife in Syria and potential spillover effects of the Middle-Eastern conflict are supporting higher oil prices; ongoing shutdowns at Libya’s largest oilfield are also creating a boost for the commodity’s value
  • Russian Energy Minister Alexander Novak stated that his country’s oil output would decrease to 250,000 barrels per day by mid-April; oil stands to gain demand from the start of the US summer driving season
  • Federal Reserve Chair Janet Yellen was sparse in details during her speech yesterday at the University of Michigan; Yellen maintained her previous view that rate hikes should be gradual to allow the economy to “coast” and avoid overheating
  • Yellen reiterated that the Fed “wants to be ahead of the curve and not behind it”; odds for a rate hike in June stand at 59%
  • On a data light day, the market is focused on geopolitical risks in Syria and North Korea with special attention to the upcoming French election; investors focusing on the loonie are looking towards comments from the Bank of Canada tomorrow