Canadian National Railway Sees Negative North American Industrial Production, $80 Oil -- Commodity Comment
25 Avril 2023 - 12:15AM
Dow Jones News
Canadian National Railway said Monday it sees negative North
American industrial production this year and West Texas
Intermediate crude oil at $80 a barrel.
2023 key assumptions:
CN has made a number of economic and market assumptions in
preparing its 2023 outlook.
The company continues to assume negative North American
industrial production in 2023.
For the 2022-23 crop year, the grain crop in Canada was above
its three-year average (or in line when excluding the significantly
lower 2021-2022 crop year) and the U.S. grain crop was in line with
its three-year average. The company continues to assume the 2023-24
grain crops in Canada and the U.S. will be in line with their
respective three-year averages (excluding the significantly lower
2021-22 crop year in Canada).
CN assumes continued pricing above rail inflation upon contract
renewals.
West Texas crude oil seen at $80 a barrel
CN assumes that in 2023, the value of the Canadian dollar in
U.S. currency will be approximately $0.75, and now assumes the
average price of West Texas Intermediate crude oil will be
approximately $80 per barrel, compared to the Jan. 24 assumption of
approximately $75-$80 range per barrel.
Write to Matt Walker at matthew.walker@dowjones.com
(END) Dow Jones Newswires
April 24, 2023 18:00 ET (22:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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