EURIBOR: Net Short Setting Dominates On Wednesday
Feb-20 16:27
OI data suggests net short setting dominated in Euribor futures on Wednesday, after ECB Executive Board member Schnabel’s hawkish FT interview weighed on the strip.
- The largest net OI adjustments were seen in M5, Z5 and Z6 contracts.
- Limited pockets of indicative net long cover were seen in H5 and U6 futures.
| 19/02/2025 | 18/02/2025 | Daily OI Change | Daily OI Change In Packs | ||
| ERH5 | 581,583 | 588,542 | -6,959 | Whites | +18,666 |
| ERM5 | 732,581 | 722,727 | +9,854 | Reds | +16,014 |
| ERU5 | 572,754 | 568,543 | +4,211 | Greens | +6,943 |
| ERZ5 | 626,111 | 614,551 | +11,560 | Blues | +1,763 |
| ERH6 | 412,013 | 409,573 | +2,440 | ||
| ERM6 | 339,696 | 335,310 | +4,386 | ||
| ERU6 | 272,187 | 273,110 | -923 | ||
| ERZ6 | 345,039 | 334,928 | +10,111 | ||
| ERH7 | 162,144 | 162,028 | +116 | ||
| ERM7 | 137,411 | 134,645 | +2,766 | ||
| ERU7 | 106,624 | 102,936 | +3,688 | ||
| ERZ7 | 115,394 | 115,021 | +373 | ||
| ERH8 | 60,770 | 60,606 | +164 | ||
| ERM8 | 48,360 | 48,337 | +23 | ||
| ERU8 | 37,181 | 36,004 | +1,177 | ||
| ERZ8 | 47,468 | 47,069 | +399 |
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EGBS: Natural Gas Rally Helping To Cap Upside In EGBs
Jan-21 16:19
The continued extension higher in natural gas prices will also be helping to cap rallies in EGBs, with TTF futures reaching E50/Mwh for the first time since Jan 3.
- Our commodities team notes that the rally is supported by high gas storage withdrawals and concern to low winter stocks, as the IEA forecast a tight market in 2025 despite rising LNG supply.
- Front month TTF has traded through the initial resistance levels with the short term bull trigger at the Jan. 2 high of €51/MWh.
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