OIL: China Teapot Run Rates Fall Further to 43.2%
Feb-21 08:34
Run rates at China’s Shandong teapot refineries has fallen again to the lowest since March 2020 at 43.2% in the week to Feb. 21, according to Mysteel Oilchem cited by Bloomberg.
- Run rates are state-owned refineries increased to the highest since March 2024 in the week to Feb. 20 to 79.17% of capacity.
- China’s commercial gasoline stockpiles rose to about 11.13m tons but commercial diesel inventories fell to 15.18m tons.
- Increased tax burden on imported feedstock has forced some Shandong independent refineries to cut their primary facilities in February, Platts reported citing sources.
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EGB SYNDICATION: Spain 10-year Obli: Books open
Jan-22 08:32
- Guidance: 3.45% Oct-34 Obli (mid) +8bp area
- Size: EUR benchmark (MNI expects E10-15bln)
- Maturity: 30 April 2035
- Coupon: Short first
- ISIN: ES0000012O67
- Settlement: 29 January 2025 (T+5)
- Bookrunners: BBVA, CACIB, DB (B&D/DM), JPM, MS, SANTANDER
- Timing: Books open, today's business
From market source
BUNDS: BTP/Bund spread targets the December low
Jan-22 08:32
- French OAT and the BTP have been helping the German Bund back through its opening gap, small immediate resistance was seen at 132.14 Yesterday, and the contract printed a 132.15 high, this remains.
- Above that area, it opens to 132.41, but better is seen at 132.57.
- The price action is pushing the BTP/Bund spread towards 106.16bps, the December low, and tightest printed spread since October 2021.
(Chart source: MNI/Bloomberg):
EGBS: /SWAPS: Citi: Periphery Looks Attractive Vs Swaps
Jan-22 08:27
Citi note that “EGB supply pressure has likely peaked. There also seems little EGB supply indigestion so far. While these concerns remain, we find the overall risk-reward tilted supportive towards EMU periphery vs swaps.”
- They “especially like PGBs for this given we don’t expect the next syndication until April and today’s buyback absorbs some of the duration. This informed our recommendation last week to buy 20yr PGBs vs. swaps following the underperformance of the sector on the curve.”
