OIL: Black Sea CPC Blend Loadings Rise 24% m/m in Feb
Mar-12 16:29
Black Sea CPC Blend oil loadings increased 24% m/m in February to 1.68mb/d, Reuters said.
- Total loadings from the terminal near Russia's port of Novorossiisk rose from 5.316m tons to 5.930m tons.
- Kazakh crude exports were up to 5.340m tons from 4.699m tons but Russia exports fell to 0.591m tons from 0.61m tons.
- Kazakhstan raised its crude and gas condensate output in February to a record high of 2.12mbpd following the return and expansion of its major Tengiz field.
- Tengiz output reached 904k b/d in February, from 640k b/d in January, according to Reuters.
- Kazakhstan plans to optimise oil production in March until fulfilment of OPEC+ obligations, the deputy energy minister said last week, holding talks with international oil companies including Exxon, Total, and Shell.
- Recent data suggests Kazakhstan has yet to deliver the cuts. “In the near future, volumes will be adjusted to comply fully with the established limits," the Energy Ministry said.
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FED: US TSY 13W AUCTION: NON-COMP BIDS $2.291 BLN FROM $84.000 BLN TOTAL
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US DATA: NY Fed Near-Term Inflation Expectations Bely U.Mich Jump
Feb-10 16:13
- The NY Fed consumer survey saw 1Y and 3Y inflation expectations unchanged in January at 3.0% although the 5Y bounced three tenths after a two tenth decline to 3.0% for its highest since May.
- 1Y inflation expectations have been particularly steady in recent months, averaging 3.0% since June in a 2.9-3.0% range.
- That’s in contrast to the U.Mich equivalent which has ramped up to 4.3% as of last week’s preliminary February release after 3.3% in July, but does have a pronounced issue with partisanship. It was 2.8% prior to Trump’s inauguration and 2.7% prior to the November presidential election.
- That said, the NY Fed’s 5Y metric is likely to be watched from here, with the 3.0% at joint highs for the limited history back to Jun 2022.
