The Fed calms things down
Equity markets continue to rally; the S&P 500 has erased half of its losses. US long rates stabilised as Fed members tried to put out the…
ICE Brent prompt contracts declined by a dollar, as prompt month time spreads dropped by 15 cents. The rise in the Eurodollar exchange rate did not affect crude prices, as Gulf coast refineries were hit by adverse storms, with refineries in Port Arthur, TX and Baton Rouge experiencing unexpected outages. US petroleum inventories may have dipped, according to the API survey. Finally, Japanese refining runs continued to dip last week, currently at 2.15 mb/d.
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