US 10y bond yield down to February levels (1.35%)
A lower-than-expected ISM in services in June (down from 64 to 60.1) in the US triggered a sharp fall in bond yields. Despite recent tensions on oil prices,…
Brent prompt future price consolidated at 61 $/b, amid an increasingly bullish US crude market, pushing US grades higher compared to North Sea values. However, US gasoline stocks builds were larger than expected, with US mobility likely impacted by cold weather. Russian crude oil output could be lower in February, as the first 10 days of production are at 10.11 mb/d. At the same time, the Asian physical crude market is firming up, with OSPs being maintained at January’s differentials and Far East crude grades rallying.
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