NATGAS: German Gas Demand Falls 11.8% in Week to March 2
German natural gas consumption in the week to Mar. 2 fell 11.8% from the previous week to 17.5% below the 2018-21 average, Bnetza data showed. Industrial demand decreased by 5.1% on the week while demand from households and small businesses fell 17.2%.
- Industrial gas consumption fell to 1,745GWh/d in the week to 11.7% below the 2018-21 average but still above the 2024 level of 1,659GWh. Gas consumption from electricity generation is also included in the data.
- Demand from households and small businesses was down to 1,562GWh/d last week, compared to 1,430GWh/d in 2024 and 22.2% below the 2018-21 average.
- German gas demand stood 0.6% above the 2018-21 average the week prior.
- Natural gas inventories in Germany were down to 32.26% full on Mar. 5 from 35.66% a week ago, GIE data shows. Withdrawal rates have fallen back below normal in recent days after a spike higher on Feb. 28.
Source: Bundesnetzagentur
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US TSYS/SUPPLY: TIPS Upped, Buyback Program "Broadly Meeting Objectives" (2/2)
TIPS sizes were increased for the upcoming quarter as follows, as expected: "Over the February to April 2025 quarter, Treasury plans to maintain the February 30-year TIPS new issue auction size at $9 billion, increase the March 10-year TIPS reopening auction size by $1 billion to $18 billion, and increase the April 5-year TIPS new issue auction size to $25 billion." The quarterly auction schedule is here (PDF).
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US TSY OPTIONS: Large March'25 2Y & 10Y Put Volumes
Underlying futures still well bid but paring post-data and Tsy refunding-tied rally
- over +24,000 TUH5 102.5/102.75 2x1 put spds, 2.5 ref 102-27.88 to -28
- over +40,000 TYH5 109 puts, 24 (total volume over 55,000)
