Energy Action: Front month NYMEX crude fell to $49.81 Energy Action: Front month NYMEX crude fell to $49.81 from $50.50 following the EIA inventory data which showed a huge 10.3 M bbl rise in crude stocks. The street had been expecting a 4.0 M bbl increase. Meanwhile, gasoline supplies, seen down 2.0 M bbls were flat, while distillate stocks were down 1.7 M bbls, versus expectations for a 2.5 M bbl fall. Refinery usage fell to 86.6% from 87.4%. The report is bearish overall.
Crude inventories for week of February 27 Crude oil inventories 10.3M build vs. consensus of 3.95M build. Gasoline inventories 46K build vs. consensus of 2.0M draw. Distillates 1.72M draw vs. consensus of 2.5M draw.
FX Action: USD-CAD slid to 1.2457 FX Action: USD-CAD slid to 1.2457 lows from 1.2535 following the BoC announcement, where rates were left steady at 0.75%, as was expected. The statement was fairly neutral overall, saying policy was appropriate at current levels. Tuesday's 1.2433 low will be the first support area.