Broad rebound in risky assets
Concerns about the spread of the Delta variant seem to have significantly diminished suddenly: bond yields rebounded, the US 10y nearing 1.3%. Stock markets were…
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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