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Statistics Canada reported gasoline prices fell 5.4 percent year over year in November as crude declined. Western Canadian crude discounts narrowed after Alberta ordered production cuts, while the Canadian dollar weakened alongside falling world oil prices.
Lower oil and a weaker loonie reduce Canadian energy revenues and currency strength, a bearish signal for oil-linked demand and a modest support for Canadian export competitiveness.
theglobeandmail.comMichael BabadDec 20, 2018After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Not enough comparable past events yet for a historical read.
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.
