NATGAS: Mexico’s Gov Calls for 50% Increase in Natgas Output by 2030
Feb-13 13:09
Mexico’s President Claudi Sheinbaum announced Feb. 10 a plan to boost natural gas production from Pemex to 5 bcm/y by the end of her 6-year term in 2030, NGI reported.
- Mexico’s energy minister Elena Luis Gonzalez and Pemex’s CEO Victor Rodriguez joint the president at the conference to discuss how to boost output from current levels of about 3.3 bcf/d.
- “Our geology is old,” Rodríguez said, noting that Pemex’s goal was on “focused drilling.”
- Pemex plans to drill 269 exploratory wells in six strategic areas onshore and in the Gulf of Mexico, NGI said.
- Mexico has become reliant on natgas imports from the US, which currently stand at around 6.5 bcf/d.
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USD: BofA Note Upside Risks For USD In Near-Term, More Cautious Further Into '25
Jan-14 13:08
Bank of America note that “the USD has picked up in 2025 where 2024 left off - rallying on the dual themes of uncertainty over tariffs and the potential data-induced end to the Fed's cutting cycle.”
- “We expect the Fed is most likely done, which for now remains USD supportive, but what next? If (limited) history is any guide, past "mid-cycle adjustments" have tended to be USD positive, but none occurred at such lofty USD valuations.”
- “Talk of Fed hikes is likely to come but still feels premature to us.”
- “Meanwhile, the USD's support comes despite the opposite move in rate differentials. A possible warning sign? As we have been noting, positioning is crowded and FX sentiment is increasingly consensus, exposing asymmetric risks. “
- They continue to see “near-term USD upside risks but maintain the view that the USD will moderate around mid-year once U.S. economic policy choices become clearer.”
GILT PAOF RESULTS: GBP183.075mln of the 1.25% Nov-54 linker sold.
Jan-14 13:03
- GBP250.0mln had been available.
- This leaves GBP13.933bln of the linker in issue.
STIR: Repo Reference Rates
Jan-14 13:01
- Secured Overnight Financing Rate (SOFR): 4.29% (-0.01), volume: $2.211T
- Broad General Collateral Rate (BGCR): 4.28% (-0.01), volume: $852B
- Tri-Party General Collateral Rate (TGCR): 4.28% (-0.01), volume: $837B
- (rate, volume levels reflect prior session)
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