Morning Minutes

Oil and Gas Rally While Stocks Keep Sinking




The malaise which has gripped equity markets this week has continued into Friday morning. US index futures are trading down 0.1%-0.2%, continuing a week of struggle for US bourses, particularly the NASDAQ. Over in Europe, the Dax is down 0.4% and the FTSE is down 0.1%.

Energy contracts, meanwhile, are rallying with WTI Crude Oil up 0.75% and trading above $87.50/bbl while Natural Gas is up 2.3%. Investors continue to respond positively to yesterday’s smaller than expected storage build for Natural Gas and larger than expected drawdown in storage for Crude Oil. Metals action is mixed with Gold up 0.25% while Copper is down 1.1% and Platinum is down 0.75%.  

Canada continues to post positive numbers. Building on yesterday’s Ivey PMI report which climbed back up above 50 into expansion territory, Canadian job growth exceeded expectations last month (39K vs street 15K and previous -6K). Wage inflation, however, remained stubbornly high (5.2% vs previous 5.0%) indicating that while the Bank of Canada is on hold for now, the possibility of future interest rate hikes cannot be ruled out.  

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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