OIL: India Targeting Non-Sanctioned Russian Oil: Oil Secretary
Feb-13 08:59
India only wants to buy Russian oil only if it is supplied by companies and ships that have not been sanctioned by the U.S. the country's oil secretary said to Reuters at India Energy Week.
- "It is the responsibility of the supplier to deliver to me something that meets my requirements of compliance," Oil Secretary Pankaj Jain said.
- "We don't want to take risk. We are not going to touch any cargo that involves sanctioned entity or ships in the supply chain," an Indian refining official said to Reuters separately.
- Bloomberg reported this week that Indian buyers have been looking for ways to use non-sanctioned ships while alternative insurance is also being found.
- Markets are watching to see if cargoes loaded after the sanctions window are able to offload into India or end up diverting or floating.
- When Sovcomflot sanctions originally emerged, a lot of cargoes ended up diverting towards China until workaround emerged.
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SCANDIS: Danske Recommend Buying 6M ATM NOKSEK Put
Jan-14 08:55
Danske Bank see downside risks to NOKSEK from a strategic and tactical perspective in 2025, and recommend buying an ATM 6M put option (spot ref 0.9820).
- “With implied volatility, risk reversals and butterflies at neutral to cheap levels we opt for a simple ATMS bought put option – although option structures that entail selling of optionality can be considered. The trade is profitable at maturity if NOK/SEK trades below 0.9580”
- Tactically, Danske expect NOKSEK to continue to be "strongly influenced by moves in relative rates and global risk appetite”, viewing the risks to Norges Bank’s easing cycle as skewed towards faster easing.
- They think long-term headwinds from “elevated unit labour cost growth, negative terms of trade shocks, underperforming asset markets, tightening of global monetary conditions and structural selling flows” will persist for both currencies in 2025, but remain stronger for NOK.
- Danske “regard speculative positioning in the cross to be long, which should also favour a move lower – potentially already in the coming months”.
MNI EXCLUSIVE: MNI INTERVIEW: Market Overestimating RBA Feb Rate Cut Chance
Jan-14 08:52
A former senior RBA official shares his view on February's meeting.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com
BUNDS: EGBs are paring gains
Jan-14 08:49
- A full reversal for Bund, albeit still in very contained ranges overall, surprisingly the Bobl outperforms somewhat, but the strip is still nonetheless closer to their earlier lows.
- Schatz is sold in 5.3k, Bund 5.2k cumulative volumes, no Block.
- Italian BTP is holding onto gains, helping keep the spread vs Bund 2.4bps tighter, and some of the pullback lower is met by buying interest, BTP is bought in 3k in three clips.
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