Oil Picture Even More Blurred – SocGen
Kit Juckes, Research Analyst at Societe Generale, notes that the oil
prices are higher this morning, in reaction to concerns about the fire
in Fort McMurray, and appointment of a new Oil Minister in Saudi Arabia.
“We’re much more comfortable with the idea of oil settling into a range (USD 40-50/bbl?) than with the notion of further gains near term, but as long as prices are still building a base that’s enough to give us a bullish bias of oil-sensitive currencies. Shorts in GBP/NOK and EUR/RUB are fine, the CAD is less cheerful.”