Episode
The truth about oil
- Podcast
- NAB Morning Call
- Published
- Jun 1, 2026
- Duration seconds
- 1032
- Processing state
not_requested- Canonical source
- https://shows.acast.com/morningcall/episodes/the-truth-about-oil
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Summary
Tuessday 2nd June 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Phil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just over $95 after a flurry of Truth Social posts from Donald Trump claimed he had negotiated a halt to the fighting in Lebanon, smoothing the path for U.S.-Iran diplomatic talks. While Wall Street pushed to fresh record highs solely on the backs of surging IT and energy stocks—buoyed by a strong U.S. manufacturing ISM accelerating to 54—the domestic focus shifted heavily to a much softer-than-expected Australian housing print. Sally highlights that this property slowdown represents a powerful alignment of compounding RBA rate hikes alongside significant changes to investor tax arrangements. While it remains early days, she notes that the combination of these forces could create a larger housing downturn cycle than initially anticipated. Hosted on Acast. See acast.com/privacy for more information.