Mountain Tech Analysis

Link

https://www.rba.gov.au/monetary-policy/rba-board-minutes/2022/2022-09-06.html

AUD

Members noted that high coal and gas prices were supporting Australia’s terms of trade at record levels. In contrast to other energy commodities, crude oil prices were well below their peaks following Russia’s invasion of Ukraine. This decline reflected concerns about the global outlook and improved supply. Even so, the price of crude oil remained about 20 per cent above the level at the beginning of 2022. Limited spare capacity and gas-to-oil substitution in Europe and elsewhere were likely to support crude oil prices in the period ahead. Base metals and food commodity prices had been fairly steady over the preceding month, but had declined from the peaks reached after Russia’s invasion of Ukraine.