Global Markets: Crude oil supplies at lowest levels Nov. 2017

By MarketsFarm

WINNIPEG, Aug. 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil supplies in Western Canada reached their lowest amount since November 2017, according to BNN Bloomberg. Supplies dropped by 2.75 million barrels in July, an indication the production limits imposed by the province’s NDP government in January have been successful. Also, the amount of crude transported by rail has been increasing, as pipelines remain at capacity. As of August 6, Western Canadian Select was just under US$41 per barrel and US$12.70 per barrel cheaper than the benchmark West Texas Intermediate crude.

– More than 30 outbreaks of African swine fever have been reported in Bulgaria, which resulted in about 130,000 pigs being culled. The disease, which has a mortality rate of almost 100 per cent in pigs, but isn’t harmful to humans, has wiped out approximately 22 per cent of Bulgaria’s hog population and possibly cost the country upwards to US$1.15 billion. Since August 2018, African swine fever has eradicated well in excess of 20 per cent of China’s hog population and about 10 per cent of Vietnam’s. The disease was previously reported in some regions of Poland.

– Saudi Arabia, one of the Unites States’ strongest allies in the Middle East, made another move closer to Russia. Saudi officials informed Reuters that it has relaxed some of its bug-damage specifications on wheat and that will open the door to more imports from the Black Sea region and Russia. The regulatory change came after extensive lobbying by Russia. Saudi Arabia already has close ties with Russia through OPEC, of which the latter isn’t a member but an ally. Russian President Vladimir Putin is scheduled to visit Saudi Arabia in October.

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