Expectations of monetary tightening prevail in a context of high market volatility
After hesitating, the US bond market decided and 10-year yields fell to 1.33%, which may seem logical given the weakness of job creation in November…
ICE Brent crude oil gained a dollar, to 67.7 $/b at the prompt, supported by a relatively constructive EIA weekly report but also strengthening cracks globally. US demand remained strong, despite a pullback in gasoline consumption, while US refiners processed 15 mb/d of crude last week. US crude production remained pegged to 11 mb/d, which should continue to incentivize greater crude imports.
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