OIL: Oil Summary at European Close: Crude Loses Ground
Feb-21 16:57
Crude front month futures have extended losses today, driven by Reuters headlines that the US pushes for a resumption of Kurdish oil exports.
- Brent APR 25 down 1.9% at 75$/bbl
- WTI APR 25 down 2.1% at 70.99$/bbl
- US administration asked Iraq to resume Kurdish oil exports quickly or face sanctions alongside Iran – sources told Reuters.
- State media reporting comments from Kremlin spox Dmitry Peskov. Says that "there is the understanding of the need for a Trump-Putin meeting" but that there are "no concrete details yet."
- Commerzbank Research commodity analyst Carsten Fritsch says, "the implied volatility for Brent is as low as it was last seen in the summer of 2024. Despite all the conflicts, there have been no significant supply shortfalls, sanctions have been circumvented and demand is rising less at the same time."
- Tengiz oil supplies through the Caspian Pipeline Consortium system continue uninterrupted, according to Tengizchevroil cited by Interfax, despite the recent pipeline damage.
- OPEC+ is widely expected to delay plans to return halted oil production for a fourth time. A Bloomberg survey showed more than 70% of respondents expect OPEC will postpone the output increase scheduled for April by between one to three months.
- OPEC+ is expected to delay its planned April production increase amid economic and geopolitical uncertainties, according to ANZ Group.
- Nigeria is scheduled to ship 190k b/d of Qua Iboe crude in April up from 123k b/d in March, the highest since Jan. 2024, according to Bloomberg.
- Bloomberg reports US-bound supertankers rose to the highest in almost four months, according to vessel-tracking data compiled by Bloomberg. The flow to India climbed to the highest since January 2023.
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OPTIONS: Expiries for Jan23 NY cut 1000ET (Source DTCC)
Jan-22 16:39
- EUR/USD: $1.0295-00(E2.7bln), $1.0400(E1.9bln), $1.0425-40(E2.1bln)
- USD/JPY: Y155.00($1.7bln), Y156.00($987mln), Y156.15-20($561mln), Y156.50-60($734mln)
- GBP/USD: $1.2500(Gbp713mln), $1.2565(Gbp748mln)
- AUD/USD: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln)
- NZD/USD: $0.5660-75(N$1.2bln)
- USD/CAD: C$1.4390-05($1.6bln), C$1.4450($1.1bln)
IRELAND: Martin Still Not Confirmed As PM After Day Of Chaos In Parliament
Jan-22 16:39
The Dáil Eireann has adjourned until tomorrow (23 Jan) after a day of political chaos amid efforts to officially confirm Micheál Martin as taoiseach (PM). The process to appoint Martin and then approve his cabinet of ministers was initially viewed to be a fait accompli after Martin's centrist Fianna Fail agreed to a programme for gov't with the conservative Fine Gael, adding the support of nine independent members (TDs) in a confidence and supply agreement.
- However, efforts by the gov't to have the Regional Independent Group and two other independent TDs sit on the opposition benches despite them being in support of the gov't raised objections from opposition parties arguing the gov't was attempting to eat into the opposition's allotment of speaking time in parliament.
- Ceann Comhairle (Speaker) Verona Murphy had to suspend the session on numerous occasions amid chaos on the chamber floor with opposition parties vocally objecting.
- Machinations within the various independent groups in the Dáil could deny some independent TDs that are part of the Regional Independents speaking time, a major blow to their position in gov't.
- This leaves the caretaker gov't in place since the Nov 2024 election still in power and further delays the new gov'ts ability to begin work on major policy action - most notably the impact of Trump admin policies on Ireland's status as a hub for US multinationals.
FED: US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
Jan-22 16:32
- US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 78.60%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 35.29% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 4.22% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.49% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.28
