Vive la Revolution
2017 is a critical year for European politics not to mention the triggering of Article 50 and Trump.
Given that an employment data-led shift in interest rate expectations was the trigger for the ‘correction’ in equity markets earlier in the month, it is logical to have reasoned that a strong CPI print for the states on Wednesday last week, and its ultimate implications in the mind of FOMC members, may have sparked a second wave lower.More
Brent recovered sharply last week, particularly after the weekly US inventory numbers revealed a lower than expected increase in US crude inventories of only 1.8m barrels of crude and 3.6m barrels of gasoline while at Cushing, the delivery point for US crude futures, there was a fall inventories of 3.6m barrels.More
Oil finally broke the uptrend that started with the lows of last summer and, as is often the way with these things, the correction was a brutal one. Brent touched a low of 61.77 $/b late on Friday evening; nearly 12% below its high on the 2nd of 70$/b – a fall of around 2.4% per day over that period.More