There is a sense of geopolitical urgency in the air this week and it is not beyond the realms of speculation that any heightened tension or positioning might just be being used to influence what could be discussed at the United Nations this week, a little of which is pondered on below.
In these ever-evolving markets, new information and data points were entered into the metaphorical crystal ball. The result was an equity sell-off in the first half of the week, followed by a decent recovery toward the end. Oil was broadly under pressure but bounced on Friday.
A day of two halves saw oil prices plummet, followed by a semi-decent recovery. Curiously, Heating Oil, which had blazed the trail higher recently, was hit the hardest, while the CME RBOB contract defied gravity and produced an impressive rally. Headlines carried by news outlets cannot be accused of being misleading: fears of supply disruptions eased.
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