OIL PRODUCTS: Shandong Teapot Inventory Rate Falls on Week: OilChem

• $9.65B to price Wednesday, $56.05B/wk
• Date $MM Issuer (Priced *, Launch #)
• 11/05 $1.7B #Transcontinental Gas Pipeline $1B 10Y +95, $700M 30Y +105
• 11/05 $1.25B #Intercontinental Exchange $600M 3Y +45, $650M +5Y +60
• 11/05 $1.25B #Equinix 5Y +85
• 11/05 $1B #Santos Finance 10Y +168
• 11/05 $850M #AviLease Capital 5Y +110
• 11/05 $750M #Apollo Global Mgt $400M 5Y +85, $350M 8/35 Tap +110
• 11/05 $750M #CBRE Services 7Y +98
• 11/05 $600M #Mattel 5Y +130
• 11/05 $500M #Polaris +5Y +185
• 11/05 $1B *KEPCO $600M 3Y SOFR+62, $400M 5Y +47

• RES 4: 1.3471 High Oct 17 and a key short-term resistance    
• RES 3: 1.3369 50-day EMA   
• RES 2: 1.3249/3277 Low Oct 14 / 20-day EMA
• RES 1: 1.3142 Low Aug 1 
• PRICE: 1.3041 @ 15:57 GMT Nov 5
• SUP 1: 1.3010 Low Nov 4
• SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
• SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
• SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing          

A sharp sell-off in GBPUSD Tuesday reinforces bearish conditions. A key support at 1.3142, the Aug 1 low, has recently been cleared. The break confirmed a resumption of the downtrend that started Sep 17. Sights are on 1.2971 next, a Fibonacci projection point. Note that the trend is in oversold territory, a recovery would allow this condition to unwind. Initial resistance is at 1.3142, the Aug 1 low.                 

RRP usage slips to $12.700B with 12 counterparties this afternoon - from $16.893B Tuesday. Compares to $2.435B on October 24 (lowest level since mid-March 2021) and the year's highest usage of $460.731B on June 30.