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US 10YR FUTURE TECHS

(M3)‌‌ Corrective Bounce

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The NOK is now the worst performer

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Fed Rate Path Consolidates Easing Off Highs

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Further widening in the OAT/Bund spread

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Russian Crude Exports to Europe Slipping

OIL

Russia has lost three-fifths of its seaborne crude sales in Europe since Moscow sent troops into Ukraine in February according to Bloomberg vessel tracking.

  • Crude shipments to Europe averaged 630,000 barrels a day in the four weeks to Oct. 7, down from 1.62 million before the invasion.
  • Flows to China, India and Turkey, which initially stepped in to fill the gap after European buyers started to shun Russian exports, peaked in June at 2.2 million barrels a day. In the four weeks to Oct. 7 that figure was down by about 320,000 barrels a day.

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