Instrument: OIL. WTI
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 70.64 with take profit at 71.02.
Bearish Preference:
Sell position is envisaged if price trades below 69.89 with take profit at 69.64.
Fundamentals:
CAD 1:30pm Building Permits m/m
CAD 3:00pm Ivey PMI
Comment:
Cenovus Energy has restarted some 62,000 bpd of daily crude oil production following a temporary shutdown caused by the wildfires in Alberta. The company shut down a total of 85,000 bpd of production because of the wildfires last month, along with many other oil sands producers. The remainder should be back online within a week to ten days, according to the company. Cenovus said it would need to wait for the reconstruction of power infrastructure in the area of the affected production that remains offline.
Analysis: SCRUM Team