Crude Oil

The AUD is the strongest and the JPY is the weakest as the North American session begins

• US dollar is mixed to lower thanks to risk on flows into commodity currencies. US jobs report up next. US debt deal passes in the Senate. Stocks higher

USDCAD moves back below 100 day MA at 1.35164

• Prices also below the 38.2% retracement of the move up in May

Private oil survey data shows large headline crude build vs a draw expected

WTI crude oil futures settles at $68.09

• WTI crude oil has its worst month since November 2021

WTI Crude Oil Technical Analysis

• The breakout fails for WTI Crude Oil

Private oil survey data shows big draw vs. small build expected

Canada April producer price index -3.5% versus -1.8% expected

• Canada April producer price index

Meanwhile.... European indices close mixed

• German DAX snaps three-day win streak. Retraces off all-time highs

WTI Crude oil settles at $71.55

• Down $0.31 or -0.43%

Bakers Hughes oil rig count falls 11 to 575

• The weekly Baker Hughes rig count

EIA weekly crude oil inventories +5040K vs -920K expected

• US weekly oil inventory data for the week ending May 12, 2023

Private oil survey data shows headline crude oil build vs. draw expected

Bakers Hughes oil rigs fall 2 to 586

• The weekly Baker Hughes rig count

European indices hang onto gains for the day

• Modest changes for the trading week

WTI Crude Oil Technical Analysis

• We are seeing an epic comeback in WTI crude oil.