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FI/EQ Support Evaporates as Saudis Deny Production Increase Talk

US TSYS
Tsys mildly weaker - back near opening levels before breaking narrow range/rallied higher earlier w/ equities following WSJ write-up that "Saudi Arabia and other OPEC members are reportedly considering production increases of up to 500K BPD."
  • Stocks gained and crude prices fell appr $4.5/bbl for a couple hours until Saudi officials denied headlines of a production hike - FI and equity support evaporating.
  • Tsys had been holding near session highs after the $42B 2Y Note auction (including $45B 26W bills) stopped out: 4.505% high yield vs. 4.512% WI; 2.64x bid-to-cover vs. 2.59x prior.
  • Tsy futures holding near session lows (shifted lower on crude oil production cut denial from Saudis) after $43B 5Y note auction (91282CFZ9) small tail: 3.974% high yield vs. 3.970% WI; 2.39x bid-to-cover vs. 2.48x the prior month. (Tsy auctions front ended ahead Thursday Thanksgiving holiday closure (full session Wednesday, Friday 1200ET close/1215ET Globex).
  • Deceptively robust futures volumes at noon: TYZ2>1.5M due to pick-up in rolling to Mar'23 futures ahead next week's first notice on Wed, Nov 30.
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