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EIA Crude Oil Stocks Change is projected to improve from -5.610M to -3.4M and EIA Gasoline Stock Change from 6.780M to 1741M However, temporary disruption of oil & gas supply due to very recent shutdown of British North Sea key oil pipeline for replacement of hairline crack section of Forties pipeline which carries crude North Sea oil across land for processing at Grangemouth (estimated to take 3 weeks), and explosion in Austria at one of Europe's biggest gas pipeline and largest reception point…
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USD/CAD
The CAD comes under pressure due to BOC's cautious outlook and chosing to overlook all of the recent data improvements. The central bank attributed any rise in inflation to temporary factors and said continued cautiousness is needed on rate moves. Having raised interest rates twice this year, the BOC wanted to make it clear that heading into the New Year, they have no immediate plans for tightening Decline in oil prices to 2-1/2 week low is also keeping the CAD under pressure. The focus today…