LNG: Italy’s OLT LNG Terminal Receives License Through 2044: Platts

• Block: +10,000 TYJ5 109/110/110.5 broken call flys, 12 vs. 108-09/0.10% at 1204:37ET
• Update on earlier trade: +20,000 TYH5 107/107.5 2x1 put spds, 2

• More single currency strength in most recent trade as the positive tone of the Trump/Putin discussions fuels optimism for what Trump describes as a ‘successful conclusion’ to the Russia/Ukraine conflict.
• This tips EURUSD back above 1.04 and narrows us in on the 50-day EMA, intersecting today a 1.0427. This marks a key resistance, and a clear break of it would be a bullish development.
• For EURJPY (+1.78%), the intra-day range is nearing 300 pips, as we extend further above the pivotal 160.00 mark. Spot now trades within 30 pips of the key short-term resistance at 161.09, the 50-day EMA. 

US President Donald Trump has confirmed on the Truth Social platform his call this morning with Russian President Vladimir Putin. Link here. 

• Trump confirms that "We agreed to work together, very closely, including visiting each other’s Nations."
• Trump: "We have also agreed to have our respective teams start negotiations immediately, and we will begin by calling President Zelenskyy, of Ukraine, to inform him of the conversation, something which I will be doing right now."
• Trump: "I have asked Secretary of State Marco Rubio, Director of the CIA John Ratcliffe, National Security Advisor Michael Waltz, and Ambassador and Special Envoy Steve Witkoff, to lead the negotiations which, I feel strongly, will be successful."
• Trump: "No more lives should be lost! I[...]  I believe this effort will lead to a successful conclusion, hopefully soon!"

Such talks would mark the most concrete move towards an eventual conclusion of the war in Ukraine since the short-lived peace talks that took place in Feb-Mar 2022 in the immediate aftermath of the outbreak of the war. There has been significant speculation regarding the prospect of Trump's 'peace plan' for Ukraine being presented, or at least outlined by Trump's envoy Keith Kellogg at the Munich Security Conference starting 14 Feb. 

• Indeed, shortly before the call was reported MNI noted the war in Ukraine and the possible peace process entering a key time period amid US Treasury Secretary Scott Bessent's meeting with President Zelenskyy in Kyiv (see 'SECURITY: Bessent Says US Stands w/Ukraine Ahead Of Key Week For Peace Process', 1637GMT) and Secretary of Defense Pete Hegseth's comments at the Ukraine Defense Contact Group meeting in Brussels (see 'SECURITY: Return To Ukraine's Pre-2014 Borders "Unrealistic" - Hegseth", 1402GMT).