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Before the Bell: Stock futures rise on strong U.S. payroll data Add to ...

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The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.

 

It’s another big day for economic news that could potentially move the markets. Overnight, the spotlight has been on crude oil which has seen both Brent and West Texas Intermediate gain 0.9 per cent and WTI put $50 (U.S.) farther into the rear view mirror. A 1.8-million-barrel (mmbbl) drawdown in U.S. American Petroleum Institute crude oil, a 2.5 mmbbl drop in gasoline inventories, and a 2 mmbbl drop in distillate inventories helped to reignite interest in energy commodities by indicating the big builds of recent months are over and the market is starting to come back into balance. The results were better than what is being expected from this morning’s Department of Energy reports, so there is potential for a positive surprise on the numbers. A miss, on the other hand, could spark a reversal so there’s potential for more action in energy markets today.

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