Global Markets: Russian crude export profits down

By Commodity News Service Canada

WINNIPEG, May 17 – The following is a glance at the news moving markets globally.

RUSSIAN CRUDE EXPORTS UP, BUT PROFITS DOWN
Russia’s crude oil export revenue dropped 38 per cent from January to March, compared with the same time frame a year prior, according to reports on Tuesday.

But the physical amount of exports increased. Exports to Commonwealth of Independent States (CIS) countries was up 2.8 percent, while exports to non-CIS countries increased 4.5 percent.

FORT MCMURRAY FIRE NOT LIKELY TO HAVE LARGE ECONOMIC EFFECT

A wildfire that caused residents of Fort McMurray to leave their homes, and shut down a large amount of oilsand production, is not expected to have a significant impact on Canada’s economy, according to a report from the Conference Board of Canada.

Alberta’s anticipated GDP is expected to lose 0.33 per cent, while Canada is expected to lose 0.06 per cent.

The report also noted that rebuilding efforts could add to the provincial and national GDP.

Other analysts expect the economic effects of the fire to be deeper.

CANADIAN MANUFACTURING SALES DOWN IN MARCH
Canadian manufacturing sales decreased 0.9 per cent to C$50.0 billion in March, a second consecutive monthly decline. The decline in March mainly reflected lower sales of transportation equipment and primary metals, Statistics Canada said in a report on Tuesday.

Sales were down in 16 of 21 industries, representing 88.3 per cent of Canadian manufacturing.

In constant dollar terms, sales were up 0.1 per cent in March, indicating that higher volumes of manufactured goods were sold. Prices in the manufacturing sector were down 0.6 per cent in March according to the Industrial Product Price Index.

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