LNG: LNG Stocks At Japanese Utilities Extend Rebound
LNG stockpiles held by Japanese utilities increased again by 22.4% on the week to March 30 to 2.24m tons, according to data released by the trade ministry cited by Bloomberg.
- Storage has surged to the highest since early February and back above the five year average for the end of March of 2.03m tons. Stocks fell to the lowest since March 2024 at 1.56m tons on March 16.
- Stockpiles were 1.48m tons around this time in 2024 and 2.42m tons in 2023.
- LNG deliveries to Japan fell 0.41m tons in the week to Mar. 30 to 1.11m tons, according to BNEF, while cumulative deliveries in March were approximately in line with year ago levels.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
SWEDEN: Manufacturing PMI Another Solid Data Release
The Swedish manufacturing PMI rose to 53.5 in February, from a 0.2p point upwardly revised 53.1 prior. Although there was no consensus for the print, it’s another solid piece of economic data which underscores expectations for a Riksbank pause in March. As noted above, SEK continues to outperform the G10 this morning.
- The manufacturing PMI has been in expansionary territory since July 2024, and has better reflected the recent rise in industrial production momentum than the Economic Tendency Indicator’s manufacturing sentiment series.
- In February, new orders were 54.8 (vs 54.4 prior), driven largely by the domestic orders component. Production (53.8 vs 52.3 prior) and employment (54.7 vs 54.5 prior) also rose on the month.
- Input prices remained expansionary, but softened to 52.4 (vs 54.3 prior), consistent with the Economic Tendency Indicator series.
- The Riksbank’s Business Survey (due 0830GMT today) may not alter expectations for the next decision, but will nonetheless be an important input for the March MPR rate path.
GILTS: Opening calls
Gilt calls: 93.04/93.27 range.
AUDUSD TECHS: Bear Cycle Remains Intact
- RES 4: 0.6429 High Dec 12 ‘24
- RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 2: 0.6409 High Feb 21 and a bull trigger
- RES 1: 0.6309 50-day EMA
- PRICE: 0.6218 @ 07:56 GMT Mar 3
- SUP 1: 0.6193 Low Feb 28
- SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD traded lower last week. The impulsive sell-off undermines a recent bullish theme. Price is once again trading below both the 20- and 50-day EMAs and the move down has exposed support at 0.6171, the Feb 4 low. A break of this level would strengthen a bearish theme and suggest scope for a test of the bear trigger at 0.6088, the Feb 3 low. Initial resistance to watch is 0.6309, the 50-day EMA.
