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A Financial Post briefing on July 31, 2019 reported that some Canadian oilsands mines break even at around $10 per barrel and that S&P Global cut its 2019 Canadian GDP growth forecast to 1.2 percent. The piece also covered the expected Fed rate cut and concerns about Canada's housing market.
Oilsands producers' low breakeven points suggest output will continue even at lower crude prices, which limits upward pressure on oil. Slower Canadian growth reduces domestic demand for livestock products and feed.
financialpost.comYadullah HussainJul 31, 2019After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
