Second report says no production increase Reuters reports that the communique makes no mention of a real production increase, only 100% compliance. The meeting has also ended.
No higher quotas OPEC is pumping under its quotas at the moment and it looks like the inability to come to a consensus on higher output has led to this. That’s bullish for oil (if true).
Retail sales for April lower than expected The retail sales for April in Canada came in much worse than expected at -1.2% versus 0.0% expected. The USDCAD has moved higher as both retail sales and CPI missed and the expectation for a hike at the next meeting was trimmed.
Canada May inflation data – CPI +0.1% m/m vs +0.4% m/m expected (prior +0.3%) – Core common +1.9% vs 1.9% prior – Core median +1.9% vs +2.1% prior (revised to 1.9%)
Retail sales, CPI and OPEC to come The Canadian dollar is off to a good start today with USD/CAD down 40 pips to 1.3275. The move comes on higher oil prices because of OPEC rumors of a 1 million barrel per day quota hike.
From Mazrouei: This is such a confusing move. The communique sounds like a win for the countries that didn’t want to produce anymore (because they can’t) while in reality it looks like Saudi Arabia is going to pick up the slack for the countries that can’t meet quotas.
CFTC commitment of traders highlights for the week ending June 19, 2018 Highlights:
Watch the OPEC press conference . Click here to watch it live In other news, Congo and its 350K bpd will join OPEC.
Bitfinex and Tether back in the news Bitfinex Chief Strategy Officer Phil Potter is leaving the company in a ‘mutual parting of ways’, . He will be replaced by CEO JL van der Velde.
Saudi says 1 million barrel per day hike Two reports are hitting at the same time. The first cites the Saudi oil minister talking about 100% compliance. The second says they have agreed to a 1 million barrel per day increase.