DUCs at rock bottom
Japanese refining scaled back in the first weeks of January to 2.86 mb/d while we expected runs to remain at 2.95 mb/d. Crude inventories rose by 3…
US bond yields weakened on Thursday as US employment data showed signs of a cooling US labour market. US 10Y treasury yields touched 1.67%, 7 basis points below Wednesday. Very strong US manufacturing data boosted growth expectations, with the Dow Jones rising by 1.2%. Japan’s Nikkei also rose by 0.6%. European indices grew similarly by about 0.6%.
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