Unsurprising decision by the ECB
The ECB has done pretty much what was expected of it, judging by the small drop in bond yields and the stability of the euro that followed…
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ICE Brent prompt contract collapsed further yesterday, at 73.2 $/b for the September contract. The move was likely caused by two drivers:
On the fundamental side, the API survey and Kpler are both recording steep draws in the US crude market, with a decline of 8 mb last week. More interesting, gasoline stocks dipped by about 2 mb according to the API survey, after few weeks of builds due to elevated imports from Europe. US imports from the Gulf coast are also finally ramping up according to satellite data, in line with the WTI-Brent spread recent narrowing. The EIA report due today should give us more insights into the US markets.