OIL: Oil End of Day Summary: Crude Falls
Feb-13 19:10
Crude has fallen today day amidst signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks, though recovered some losses as the dollar weakened following delays to Trump’s reciprocal tariffs.
- WTI MAR 25 down 0.1% at 71.27$/bbl
- Trump signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis in an effort to rebalance trade relations.
- President Trump’s reciprocal tariffs will not go into effect today and are time-delayed until April 1, CNBC reports.
- Crude fell this morning after headlines suggested that tensions around the Gaza ceasefire deal had eased, with Hamas reaffirming its commitment to the hostage release deal.
- President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO.
- Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
- 94 of the 154 active tankers sanctioned by the US on Jan. 10 are now idle, Bloomberg reports.
- Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024: IEA Monthly Oil Report.
- US crude inventories rose 4.07mbbl, more than expected but less than suggested in API data and remains below the five year seasonal average.
- 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.
- The expansion project at the Tengiz oil field may reach full capacity by mid-2025, the general director of Tengizchevroil told Interfax, cited by Bloomberg.
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US STOCKS: Late Equities Roundup: Second Half Recovery, Banks Up Ahead Earnings
Jan-14 19:08
- Stocks have recovered from midday lows and are making moderate gains in late trade - still off this morning's post-data knee-jerk highs as accounts square risk and migrate to the sidelines ahead of Wednesday's key CPI inflation data.
- Currently, the DJIA trades up 206.18 points (0.49%) at 42504.32, S&P E-Minis up 20 points (0.34%) at 5894, Nasdaq up 46.2 points (0.2%) at 19133.11.
- Utilities continue to outperform while Financial sector shares have gained momentum in the second half. Independent power and electricity providers rebounded after Monday's selling: Vistra +4.91%, Constellation Energy +3.09%, NRG Energy +2.42%.
- Banks and financial services shares led gainers in the second half - taking some risk with banks kicking off the latest earnings cycle tomorrow: Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, followed by M&T Bank, US Bancorp, Morgan Stanley and PNC on Thursday.
- Leading gainers included Citizens Financial +3.74%, Huntington Bancshares +2.81, Fifth Third +2.8% and Discover Financial Services +2.64%.
- On the flipside, Health Care and Communication Services continued to underperform in late trade. Pharmaceuticals weighed on the Health Care sector: Eli Lilly -6.5% after phase 1 trials of it's weight loss drug were terminated, Charles River Labs -5.35%, Biogen -3.64% and Moderna -2.87%.
- Interactive media and entertainment shares weighed on the Communication Services sector: Meta -1.83% amid reports of staff reductions of lowest 5% performers, Netflix -0.62%, Alphabet -0.32%.
US TSY OPTIONS: UPDATE: Large Mar'25 10Y Call Buy Update
Jan-14 18:49
- over +128,600 TYH5 108.5 calls on the day from 27 to 29 vs. futures from 107-08.5 to -11 on an appr 0.30% delta
US: FED Reverse Repo Operation
Jan-14 18:21
RRP usage retreats to $160.219B this afternoon from $183.669B on Monday. Compares to $98.356B on Friday, December 20 - the lowest level since mid-April 2021. The number of counterparties rises to 59 from 51.
