Up $0.70 or 0.95%
The price of crude oil futures are settling the at $74.15 which is up $0.70 or +0.95% on the day. A week ago, the price closed at $68.58. The gain of about $5.50 is a 8.2% change for the week.
Stern warning to Trump
GM is warning the Trump administration that he could shrink US operations as a result of tariffs on imported vehicles and auto parts.
"Increased import tariffs could lead to a smaller GM, reduced presence at home and abroad for this iconic American company, and risk less – not more – US jobs"
Crude oil trading at $74.15 just before the release
Rigs have now declined for the 2nd week in a row.
U.S. crude oil inventories had a surprise 9.9 million drawdown in the week through June 22 (est was for 3.0M).
Oil rigs last 862
The Baker Hughes rig count will be released at the top of the hour:
The current price for crude oil is up $.80 or 1.09% at $74.25.
Last week, oil rigs fell for the 1st time after 11 weeks of equal or higher rig numbers.
Canada unveils final list of retaliatory tariffs against US
Chrystia Freeland, the Canadian Foreign Minister says:
The USDCAD has moved lower in trading today and in the process is down testing the broken 61.8% of the move down from the May 2017 high at 1.3131. The swing high from March is just below that level at 1.3124.
The Portugal PSI20 is the exception
The major European indices are ending the day with gains. The only exception is the Portugal PSI 20:
For the week, the major indices are lower despite the gains today:
While the EURUSD and GBPUSD shows USD weakness, the USDJPY is showing USD strength
New highs are being printed in the USDJPY.
While the EURUSD and GBPUSD make new highs (lower USD), the USDJPY is also reaching new highs as well (higher USD). The combination is a recipe for higher EURJPY and GBPJPY and indeed those pairs
2.5% for the 3Q now, down from 2.6% last week.
The NY Fed Nowcast for 2Q GDP is out for the current week, and it has dipped to 2.79% (round to 2.8%) from 2.87% (round to 2.9%). The biggest subtraction came from durable goods shipments (subtracted -0.09%). The biggest addition was from new single family houses
Rally into the next target area
The GBPUSD also had a run higher into the London fixing. It is up 1% on the day now (actually up 1.19%. The GBP is the strongest currency of the day )