> ## Content Index > Fetch the complete content index at: https://www.bushletter.com/llms.txt > Use this file to discover other available public pages before exploring further. # High oil prices squeeze Australia before jobs and inflation tests - URL: https://www.bushletter.com/oil-at-us-104-shapes-a-packed-week-for-asx-investors/ - Published: 2026-10-11T19:00:00.000Z - Updated: 2026-10-13T08:46:29.000Z - Description: US bank earnings and American inflation figures land before Thursday's Australian jobs report, with Westpac expecting unemployment to hold at 4.6 per cent. - Author: Bushletter Newsroom - Tags: Markets, Finance, Australia TLDR Oil near US$104.50 a barrel and a deadly weekend Houthi strike on Riyadh's airport add an energy wildcard to a week carrying US bank earnings, American inflation data and Australia's September jobs figures. The ASX 200 closed Friday at 8,716.6 points. ## Oil shock sets the tone A Houthi strike on Riyadh's international airport over the weekend has pushed energy markets into focus just as Australian investors return for one of the busiest data weeks of the quarter. Brent crude futures had already closed at US$104.47 a barrel on Friday 9 October[\[1\]](https://www.cnbc.com/2026/10/09/oil-falls-as-trump-comments-on-iran-talks-ease-supply-concerns.html?ref=bushletter.com) before the attack. Higher oil prices feed directly into Australian petrol costs and business input expenses, complicating the Reserve Bank's task after its rate rise in late September. ## Four US banks report, then inflation JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup are all scheduled to report third-quarter 2026 earnings on Tuesday 13 October[\[2\]](https://www.jpmorganchase.com/ir/events?ref=bushletter.com), with JPMorgan's call set for 8:30 am Eastern Time and Wells Fargo's for 10:00 am Eastern Time.[\[3\]](https://www.wellsfargo.com/about/investor-relations/?ref=bushletter.com) Reporting on the same day, the four banks will give markets a concentrated read on credit conditions, lending margins and the health of the US consumer against a backdrop of Federal Reserve tightening. The US Bureau of Labor Statistics will publish the Consumer Price Index for September 2026 at 8:30 am Eastern Time on Wednesday 14 October.[\[4\]](https://www.bls.gov/schedule/2026/10%5Fsched%5Flist.htm?ref=bushletter.com) That print lands before Australian markets open on Thursday and is likely to set the overnight mood heading into the domestic jobs release. ## Australia's jobs test on Thursday The Australian Bureau of Statistics releases Labour Force data for September 2026 at 11:30 am AEDT on Thursday 15 October.[\[5\]](https://www.abs.gov.au/release-calendar/future-releases/202610/rcc%5Flabour?ref=bushletter.com) Westpac forecasts employment to rise by 20,000 and the unemployment rate to hold at 4.6 per cent,[\[6\]](https://www.westpaciq.com.au/economics/2026/10/labour-force-preview-september-2026?ref=bushletter.com) which would place unemployment inside the band Reserve Bank Governor Michele Bullock flagged in late September as the zone where labour market pressure begins to ease. Bullock said that "I think between 4.5 and 5 will probably take enough heat out of the labor market that it'll ease pressure on inflation."[\[7\]](https://www.rba.gov.au/speeches/2026/sp-gov-2026-09-22.html?ref=bushletter.com) The RBA has made clear it watches the trend across multiple months rather than any single print, and it lifted the cash rate again in late September as it works to bring inflation back to target. ## LNG reservation scheme takes shape Under the Albanese government's gas reservation scheme, LNG exporters will be required to supply 20 per cent of their export production to Australian buyers.[\[8\]](https://www.minister.industry.gov.au/king/media/press-conference-announcing-the-gas-reservation-scheme?ref=bushletter.com) The government is due to release the final version of the scheme this week.[\[8\]](https://www.rigzone.com/news/wire/australia%5Fto%5Frelease%5Ffinal%5Fplan%5Fto%5Fkeep%5Fmore%5Flng%5Fat%5Fhome-09-oct-2026-184815-article/?ref=bushletter.com) ## ASX starts the week from 8,716 The S&P/ASX 200 closed at 8,716.6 points on Friday, up 0.40 per cent for the week.[\[9\]](https://game.asx.com.au/game/info/school/school-close-registration?ref=bushletter.com) Energy stocks enter the week with a tailwind from crude prices, while rate-sensitive sectors will watch Wednesday's US inflation print and Thursday's jobs release for any shift in the global tightening outlook. The ABS Labour Force release at 11:30 am AEDT on Thursday 15 October is the domestic data point most likely to move the index before the week closes. KEY TAKEAWAYS 01Brent crude closed at US$104.47 a barrel on 9 October, before the Riyadh airport strike. 02JPMorgan, Goldman Sachs, Wells Fargo and Citigroup all report third-quarter earnings on Tuesday 13 October. 03Westpac forecasts 20,000 jobs added in September, with unemployment holding at 4.6 per cent. 04RBA Governor Michele Bullock said unemployment between 4.5 and 5 per cent would ease inflation pressure. 05The government is due to finalise its scheme reserving 20 per cent of LNG exports for Australian buyers. This article contains analysis and commentary on market conditions. It does not constitute financial, investment, or professional advice. Past performance is not indicative of future results. Always consult a qualified adviser before making financial decisions. SOURCES & CITATIONS 1. [Oil falls as Trump comments on Iran talks ease supply concerns, CNBC](https://www.cnbc.com/2026/10/09/oil-falls-as-trump-comments-on-iran-talks-ease-supply-concerns.html?ref=bushletter.com) 2. [JPMorgan Chase Q3 2026 Earnings Conference Call](https://www.jpmorganchase.com/ir/events?ref=bushletter.com) 3. [Goldman Sachs Q3 2026 Earnings Call](https://www.goldmansachs.com/pressroom?ref=bushletter.com) 4. [Wells Fargo Q3 2026 Earnings Call](https://www.wellsfargo.com/about/investor-relations/?ref=bushletter.com) 5. [Citigroup Q3 2026 Earnings Call](https://www.citigroup.com/global/investors/events-and-presentations?ref=bushletter.com) 6. [US Bureau of Labor Statistics CPI release schedule, October 2026](https://www.bls.gov/schedule/2026/10%5Fsched%5Flist.htm?ref=bushletter.com) 7. [ABS Labour Force release calendar, October 2026](https://www.abs.gov.au/release-calendar/future-releases/202610/rcc%5Flabour?ref=bushletter.com) 8. [Westpac IQ Labour Force Preview, September 2026](https://www.westpaciq.com.au/economics/2026/10/labour-force-preview-september-2026?ref=bushletter.com) FREQUENTLY ASKED QUESTIONS When does Australia release its September 2026 jobs data? The Australian Bureau of Statistics will publish Labour Force data for September 2026 at 11:30 am AEDT on Thursday 15 October 2026. What unemployment rate did RBA Governor Bullock say would ease inflation? Bullock said unemployment between 4.5 and 5 per cent would probably take enough heat out of the labour market to ease pressure on inflation. What is Australia's LNG domestic reservation requirement? Under the Albanese government's scheme, LNG exporters must reserve 20 per cent of their export production for Australian buyers, and the final version is due this week.