NAB Morning Call Energy Jolt: Attacks on Gas and Oil are Spiking Bond Yields
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Mar 19, 2026 Ray Attrill, NAB markets strategist and economist, offers crisp market analysis. He breaks down the surge in oil and gas after attacks on Middle East energy facilities. He tracks the 40bp jump in UK two‑year gilts and shifting central bank tones. He also parses Australia’s jobs data showing higher unemployment alongside rising participation and strong employment.
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Energy Supply Shock Is Repricing Markets
- Attacks on Middle East energy facilities are pushing oil and gas sharply higher and weighing on global markets.
- Brent briefly neared $120 a barrel and European gas spiked ~30%, hitting stock markets with outsized falls in Europe.
Australian Jobs Show Mixed Signals
- Australia's labour market printed a higher unemployment rate but stronger employment and rising participation.
- Unemployment rose from 4.1% to 4.3% while participation climbed 0.2ppt to 66.9%, leaving labour tight relative to RBA full employment.
BOE Vigilance Sent Front End Yields Higher
- Bank of England language turned hawkish despite a hold, triggering a front-end gilt sell-off.
- UK two-year yields spiked ~40 basis points after messaging about vigilance on inflation from higher energy prices.