Biden’s plan bets big on infrastructure and the “old” economy
Biden’s $2.3 trillion recovery plan boosted growth expectations in the US, pushing stocks higher globally. US Treasuries were under pressure, with the 10Y yield climbing…
ICE Brent prompt prices rallied to 67.3 $/b, without significant fundamental change. The Dubai benchmark, pricing crude delivered to Asia, continued to weaken compared to European and US crude as the time structure of swaps rapidly worsened. Asian product cracks reacted differently to the Indian health crisis, as gasoil cracks remained supported and gasoline margins underperformed.
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