EIA Crude Oil Stocks Change is projected to improve from -5.610M to -3.4M and EIA Gasoline Stock Change from 6.780M to 1741M However, temporary disruption of oil & gas supply due to very recent shutdown of British North Sea key oil pipeline for replacement of hairline crack section of Forties pipeline which carries crude North Sea oil across land for processing at Grangemouth (estimated to take 3 weeks), and explosion in Austria at one of Europe's biggest gas pipeline and largest reception point & main distribution hub for gas imports from Russia, Norway and elsewhere. Brent crude, which had already been trading around its strongest levels since summer 2015, momentarily surged by 2% to just under $65 a barrel. Oil & gas prices are at reasonably good levels which is good for major commodity exporter Canada and thus the CAD. However, the US FED is widely expected to raise rate in a few hours after this economic data has been released and that is what’s foremost on market Trader’s mind and attention. Perhaps a very short term bearish USD/CAD followed by an also very short term bullish USD/CAD?
