[MARKET ANALYSIS] T-note futures trickled lower amid mild gains in oil and as supply looms

Newsquawk StaffOil newsPublished 26 Mar 2026, 03:05 UTC

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[MARKET ANALYSIS] T-note futures trickled lower amid mild gains in oil and as supply looms

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USTs: -5 ticks

Marginally trickled lower as oil prices edged higher, and with demand also contained ahead of supply, including a 7yr note auction stateside.

Bunds: -28 ticks

Extended its pullback from the 126.00 level as oil partially recovered and as German GfK data looms.

JGBs: -22 ticks

Retreated as the higher oil price environment pushes yields upwards and supports the case for BoJ policy normalisation, while Services PPI data for Japan slightly topped forecasts and participants also await an enhanced liquidity auction for short- to super-long JGBs.

Context

T-note futures are experiencing mild declines, reflecting increased oil prices that generally tighten bond market conditions. With upcoming supply from a 7-year note auction and mixed economic data, this tepid sell-off indicates cautious investor sentiment and could signal shifts in demand dynamics for USTs ahead of further market events.

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