LNG: Egypt Signed Deal for Third FSRU: Kpler
Egypt has signed a deal to deploy a third floating storage and regasification unit at Egypt’s Ain Sukhna port to cover LNG demand in June-November, according to Kpler.
- An agreement has been signed to deploy one of Turkey’s operational FSRUs according to Kpler sources.
- The 170,000 m³ Ertugrul Gazi FSRU currently operating at the Dortyol LNG terminal is the most likely option.
- A short-term charter in of 180,000 m³ Vasant-1 at the Saros LNG terminal is another possibility after significant underutilisation over the past year.
- Egypt currently imports LNG via the 170,000 m³ Hoegh Galleon FSRU at the Sumed port in Ain Sukhna, and the 160,000 m³ Energos Eskimo is set to arrive in June.
- Egypt has switched from an LNG exporter to an importer due to declining domestic gas production and rising cooling demand.
- Egypt has already imported 8 cargoes in 2025 so far, despite the traditional demand lull in winter, Platts said this week. A forecast for Egypt’s 2025 LNG imports will raise to at least 4.2m mt following deals with Shell and Total to secure 60 cargoes while still seeking more spot cargoes.
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OUTLOOK: Price Signal Summary - EUROSTOXX50 Trend Structure Remains Bullish
- In the equity space, a bear threat in the S&P E-Minis contract remains present and short-term gains are considered corrective - for now. 5866.00, the Dec 20 low and a key short-term support, has been breached. This strengthens a bearish theme and sights are on 5784.00, the Nov 4 low and an important short-term support. Initial pivot resistance is seen at 5987.43, the 50-day EMA.
- A bull cycle in the EUROSTOXX 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4939.33, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, the 0.764 projection of the Nov 21 - Dec 9 - 20 price swing.
US INFLATION: PCE Forecasts Adjusted Upward After PPI (1/2)
Some revisions to pre-PPI estimates of core PCE that we have seen are understandably to the upside, on the order of about 0.03pp (almost entirely due to the outsized increase in airfare PPI, offset at least partially by other PCE-relevant components, as we had flagged yesterday). Pre-PPI, core PCE consensus was 0.20% M/M, and if that is correct, now it looks like the gap between core CPI (0.24% consensus) and PCE will be closer to zero.
Post-PPI release core PCE M/M estimates include:
- Goldman Sachs: 0.22% (0.18% pre-PPI)
- ING: 0.3% (only a rounded forecast provided)
- Nomura: 0.272% (0.242% pre-PPI)
- Wrightson ICAP: 0.2% ((only a rounded forecast provided; notes the PPI components did not change their estimates).
SONIA: Call spread vs Put spread trades again
SFIU5 95.85/96.00cs vs 95.50/95.35ps, bought the cs for 1.5 in 9k total.
