Roller coaster in Turkey
The Turkish currency has rebounded strongly against the USD since the beginning of the week (+40% from Monday’s low) thanks to a disguised rate increase. The government…
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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