Geopolitical risk is diminishing. Inflation is back in the spotlight
The equity markets rebounded sharply, Treasuries (rates up) and the dollar (EUR/USD > 1.1350) fell, and of course energy prices rose. The announcement that some of…
ICE Brent prompt contract declined to 74.5 $/b at the prompt, in a volatile start of the week. Russian output in June averaged 10.42 mb/d vs 10.45 mb/d in May, questioning the ability of Russia to effectively ramp up crude production. Despite the drop in crude prices, European diesel cracks felt even stronger, at 4.8 $/b at the prompt, as the Delta variant triggered new restrictions in European capitals such as Lisbon.
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