Will Cunliffe
Research Analyst, The Officials
From China with love
Banal platitudes from China, there's a bond vigilante whacking UK debt and Dangote is lashing out
Banal platitudes from China, there's a bond vigilante whacking UK debt and Dangote is lashing out
No prospect of the Strait opening and prices are up: Brent approached $110. China has issued soft words encouraging the opening but hasn’t cracked the whip at Iran. The China-US talks didn’t yield anything concrete, only banal platitudes. Structures are strengthening again. As crude rallies, the prompt Brent spread has picked up from its low at about $3.80 on Tuesday to gradually rise to over $4.80 at today’s high. That’s tracking the physical differential’s rebound from its drop into negativity – though the diff eased today, dropping off to 68c.
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