As anticipated, markets were relatively slow and subdued yesterday, since the US celebrated the harvest feast from more than 400 years ago shared by the Pilgrims and the Wampanoag people. Other parts of the world, however, did not rest and the result was a slight uptick in prices.
Both equities and oil struggled to make significant advances ahead of the US Thanksgiving holiday. Financial data was a mixed bag with a somewhat negative slant. Buoyant US consumer spending and a fall in initial jobless claims mirror a solid economy.
Yesterday’s broadly unchanged settlement prices hide an eventful day, volatile price action with Brent moving in a range of $2.27/bbl. It is reasonable to assume that it was a day of assessing the potential impacts of recent events, namely the ceasefire between Israel and Hezbollah and Donald Trump’s latest salvo of threatening its closest trading partners with new tariffs.
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