Latest forecasts from the International Energy Agency 12 May 2016
– non-OPEC output falling 800k bpd in 2016 vs prev f/cast of 710k bpd as unplanned outtages start to bite
Oil prices perky again this morning with Brent and WTI just off session highs of $47.95 and $46.65 respectively. That’s adding to downward pressure on USDCAD which has been down to look at 1.2830 support lines/bids.