Analysts had the market prepped for expansion at a faster 55.2 pace before the report, which in the event showed manufacturing activity was slightly less brisk than during April, easing 1.7-points to 53.2; 0.6-points slower than the six-month average.
Ahead of the opening bell, European equities are lower by about 1% while S&P index futures are recovering from double-digit losses (down 0.5%). Investors are now starting to get a sense of why some option traders have been targeting significantly higher strike prices.
WTI got a big boost as Trans-Canada announced the southern leg of the Keystone Pipeline is operational driving up West Texas Intermediate versus Brent Crude as the market anticipates that will mean more products for export and a reduction in the global spread.
The Canadian dollar rose against a majority of its 16 most-traded peers after a report yesterday that the nation’s economy grew more than forecast in August eased concern caused when the Bank of Canada lowered growth forecasts last week.
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.