US NATGAS: Henry Hub reverses slump, pops higher after storage release

A new CBS/YouGov survey has found that although President Donald Trump's early actions “have been met with robust support from nation's Republicans,”  this “doesn't mean they wouldn't want to see some pushback from congressional Republicans when the delegation disagrees with him.”

• CBS: “…a sizable 4 in 10 rank-and-file Republicans would have their congressional delegation support whatever Mr. Trump wants — a view largely boosted by those Republicans who identify as part of the MAGA movement.”
• CBS notes separately that 65% of Democrat voters now believe that Congressional Democrats should oppose Trump as much as possible, up from 46% in January.
• The survey suggests that the Trump administration may face opposition to its agenda when it faces legislation in Congress, with a bipartisan majority of voters comfortable with their elected officials opposing Trump's agenda.

Figure 1: Congressional Republicans’ Approach to Trump Should be… (Among Republicans)

Figure 2: Congressional Democrats’ Approach to Trump Should be too… (Democrats)

Source: CBS News/YouGov

• Treasury futures bounce briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI; 2.79x bid-to-cover vs. 2.62x prior.
• Peripheral stats see indirect take-up climbs to 74.00% vs. 60.98% prior; direct bidder take-up 15.82% from 19.67% prior; primary dealer take-up 10.18% vs. 19.36% prior.
• The next 3Y auction is tentatively scheduled for March 11.

• US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
• US TSY 3Y NOTE AUCTION: DEALERS TAKE 10.18% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: DIRECTS TAKE 15.82% OF COMPETITIVES
• US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 74.00% OF COMPETITIVES
• US TSY 3Y AUCTION: BID/CVR 2.79