LNG: Only Two Trains Operating at Nigeria LNG: Platts
Feb-27 10:46
Only two out of six trains at the Bonny LNG plant are operational due to reduced gas supply caused by vandalism and theft, Nigeria LNG CEO Philip Mshelbila said, cited by Platts.
- Three major gas supply pipelines are under repair due to illegal connections from thieves on the lines.
- Mshelbila highlighted that while the Nigerian government has focused on securing oil production facilities, gas infrastructure has deteriorated.
- The Bonny Island facility, with a capacity of 22 million mt/year, is expanding to 30m mtpa with a seventh train. However, security issues threaten this project.
- The facility has been under force majeure since October 2022 due to flooding and ongoing pipeline disruptions.
- In 2025, Nigeria's LNG exports have reached 4.2m mt so far. Exports in 2024 totalled 9m mt.
- Nigerian LNG is exported to markets in Europe and Asia, including Turkey, Spain, Portugal, France, South Korea, Japan, China, and India.
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EGBS: BTPs and OATs Outperform Bunds On Improved Risk Backdrop
Jan-28 10:40
Bund futures are -10 ticks at 131.53, softening a touch as global equity futures continue to recover from yesterday’s lows. The improved risk backdrop sees BTP and OAT futures outperform Bunds.
- A corrective bull cycle remains in play in Bunds, with initial resistance still the 20-day EMA at 132.10.
- The German cash curve has lightly bear flattened. The new 2.20% Mar-27 Schatz was launched this morning, and digested smoothly.
- The ECB’s Q4 Bank Lending Survey signalled a tightening of credit standards and a lower demand balance amongst firms than seen in Q3.
- Austria is launching a new 10-year RAGB and tapping a 2049 Green RAGB via syndication today.
- Alongside Germany, the Netherlands and Italy also held conventional auctions this morning.
- The OAT/Bund spread is back below 73bps, with fiscal/political headline flow set to become more prominent again in the coming days/weeks.
- The remainder of today’s regional data calendar is light, leaving focus on any US tariff-related headline flow and the upcoming run of DM central banks later this week.
OUTLOOK: Price Signal Summary - S&P E-Minis Support Holds For Now
Jan-28 10:34
- In the equity space, the S&P E-Minis contract initially traded lower Monday extending the pullback from last Friday’s high. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the move down appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, 61.8% retracement of the Jan 13 - 24 bull leg. Key resistance is 6178.75, the Dec 6 ‘24 high.
- A bull cycle in the EUROSTOXX 50 futures contract remains intact and the move lower from last Friday’s high, is considered corrective. A deeper retracement would allow an overbought trend condition to unwind. Moving average studies remain in a bull-mode set-up highlighting a dominant uptrend. The first important support to watch is 5097.39, the 20-day EMA. A resumption of the uptrend would open 5298.50, the 1.500 projection of the Nov 21 - Dec 9 - 20 price swing.
GERMAN AUCTION RESULTS: New 2.20% Mar-27 Schatz
Jan-28 10:32
| 2.20% Mar-27 Schatz* | Previous | |
| ISIN | DE000BU22080 | DE000BU22072 |
| Total sold | E5bln | E4.5bln |
| Allotted | E3.816bln | E3.472bln |
| Avg yield | 2.26% | 2.18% |
| Bid-to-offer | 2.15x | 1.81x |
| Bid-to-cover | 2.81x | 2.34x |
| Average Price | 99.873 | 99.652 |
| Low acc. Price | 99.870 | 99.650 |
| Pre-auction mid | 99.647 | |
| Previous date | 07-Jan-25 |
