I can't find any headlines behind the quick $1.40 drop in crude oil prices but it's spilled over into the Canadian dollar.
The selling started right at the top of the hour so I'm guessing that some flows are involved.
We get weekly inventory data today from the US later today. The API numbers were bullish:
- Crude -4037K
- Gasoline +1060K
- Distillates -550K
Consensus estimates:
There is an ongoing focus on implied gasoline demand that will be key to today's inventory figures.
Update: Oil has come storming right back. It's looking like a fat finger or some really sloppy flows.
