Did Powell really reassure the markets? It is doubtful
The US 10 year yield rebounded by 15bp yesterday to 1.87%, as oil prices soared and the Fed Chairman spoke to members of the House…
Brent 1st-nearby prices posted a $4/b gain yesterday. WTI prices did about the same. They respectively ended the day above $64.5/b and $61.2/b, therefore erasing their losses of the previous day. The main reason was the Suez canal still blocked by a giant ship that has deviated from its course for unclear reasons. Then, the release of the weekly EIA report in the US showed a new rise in inventories but normalization in demand from refineries as well, therefore pushing prices higher.
Get more analysis and data with our Premium subscription
Ask for a free trial here