GLOBAL ENERGY: Energy Complex Under Pressure on Pakistan Mediation Efforts

ECB's Schnabel has given a hawkish interview with Die Zeit

• From today’s perspective, we will need to continue raising interest rates in order to bring inflation back to our target of 2% in the medium term,”
• The “extent and timing of further measures will depend on how the conflict, the economy, and inflation evolve.”
• "Energy prices have fallen, but they are still significantly higher than they were before the war,” ....“We are paying particular attention to energy prices for future deliveries over the next few years. And those prices remain elevated.”

Digestion of the initial headlines see ERZ6 quickly fall 2 ticks to 97.38 from session highs of ~97.40.

• US TSY 1Y-10M FRN AUCTION: NON-COMP BIDS $19 MLN FROM $28.000 BLN TOTAL

• US TSY 17W AUCTION: NON-COMP BIDS $519 MLN FROM $69.000 BLN TOTAL