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AUDUSD is through intraday low.

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Demand Concerns Outweigh Supply Uncertainty

OIL

Brent briefly bounced back up to 86$/bbl before falling back as weak demand growth and a strong dollar are balanced against the possibility of a reaction from OPEC and other supply uncertainty. After the last OPEC meeting, they indicated that they could take action at any time to address market developments if necessary.

  • The concerns of a US recession have pushed the WTI-Brent spread to the widest this month and down from around 6.5$/bbl a week ago. Crude time spreads are following the softer crude with Dec22-Dec23 back down to levels from Sep 8 after seeing strength early last week.
    • Brent NOV 22 down -0.7% at 85.52$/bbl
    • WTI NOV 22 down -0.7% at 78.18$/bbl
    • WTI-Brent up 0.07$/bbl at -7.31$/bbl
    • Brent NOV 22-DEC 22 up 0.01$/bbl at 1.13$/bbl
    • Brent DEC 22-JAN 23 down -0.04$/bbl at 1.38$/bbl
    • Brent DEC 22-DEC 23 down -0.4$/bbl at 8.61$/bbl
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Brent briefly bounced back up to 86$/bbl before falling back as weak demand growth and a strong dollar are balanced against the possibility of a reaction from OPEC and other supply uncertainty. After the last OPEC meeting, they indicated that they could take action at any time to address market developments if necessary.

  • The concerns of a US recession have pushed the WTI-Brent spread to the widest this month and down from around 6.5$/bbl a week ago. Crude time spreads are following the softer crude with Dec22-Dec23 back down to levels from Sep 8 after seeing strength early last week.
    • Brent NOV 22 down -0.7% at 85.52$/bbl
    • WTI NOV 22 down -0.7% at 78.18$/bbl
    • WTI-Brent up 0.07$/bbl at -7.31$/bbl
    • Brent NOV 22-DEC 22 up 0.01$/bbl at 1.13$/bbl
    • Brent DEC 22-JAN 23 down -0.04$/bbl at 1.38$/bbl
    • Brent DEC 22-DEC 23 down -0.4$/bbl at 8.61$/bbl