Canadian building permits from StatsCan:
- Prior was -6.7% (revised to -6.6%)
A short time ago, Canadian Nov housing starts were released and beat expectations.
The market isn't particularly interested in what happened in the Canadian housing market two months ago. If oil falls into the $20s, all hell will break loose.
At the moment, Canadian oil benchmark Western Canada Select is trading at a $13.50 discount to WTI. That works out to about $23.50 per barrel at the moment and can't leave much breathing room for oilsands producers.
