REFINING: PBF Martinez Refinery Damage Assessment May Take Weeks
Feb-13 09:06
The PBF Energy 156k b/d Martinez refinery near San Francisco may need 45 days or more to assess the damage from a fire on Feb. 1, according to Bloomberg sources.
- The refinery was shut after a fire in the Light Oil Processing section area where gasoline is made after a leak of hydrocarbons, the sources said.
- Initial assessment shows extensive damage to the cat feed hydrotreater, where the fire originated, that may not be repairable.
- Other units, including the alkylation unit, hydrogen units and sulfur recovery units appear to also have suffered damage.
- Repairing the fire-damaged area delayed beginning a 55-65 day multi-unit turnaround that was scheduled to start Feb. 3
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FOREX: FX OPTION EXPIRY
Jan-14 09:05
Of note:
EURUSD 2.77bn at 1.0200.
USDCNY 1.11bn at 7.3350.
EURUSD 1.18bn at 1.0250 (wed).
EURUSD 4.98bn at 1.0275/1.0300 (fri).
USDJPY 2bn at 156.95/157.00 (fri).
USDCNY 2.41bn at 7.2800 (fri).
- EURUSD: 1.0200 (2.77bn) 1.0250 (414mln), 1.0275 (620mln).
- USDJPY: 157.00 (475mln).
- AUDUSD: 0.6225 (292mln).
- USDCNY: 7.3350 (1.11bn).
SCANDIS: Danske Recommend Buying 6M ATM NOKSEK Put
Jan-14 08:55
Danske Bank see downside risks to NOKSEK from a strategic and tactical perspective in 2025, and recommend buying an ATM 6M put option (spot ref 0.9820).
- “With implied volatility, risk reversals and butterflies at neutral to cheap levels we opt for a simple ATMS bought put option – although option structures that entail selling of optionality can be considered. The trade is profitable at maturity if NOK/SEK trades below 0.9580”
- Tactically, Danske expect NOKSEK to continue to be "strongly influenced by moves in relative rates and global risk appetite”, viewing the risks to Norges Bank’s easing cycle as skewed towards faster easing.
- They think long-term headwinds from “elevated unit labour cost growth, negative terms of trade shocks, underperforming asset markets, tightening of global monetary conditions and structural selling flows” will persist for both currencies in 2025, but remain stronger for NOK.
- Danske “regard speculative positioning in the cross to be long, which should also favour a move lower – potentially already in the coming months”.
MNI EXCLUSIVE: MNI INTERVIEW: Market Overestimating RBA Feb Rate Cut Chance
Jan-14 08:52
A former senior RBA official shares his view on February's meeting.-On MNI Policy MainWire now, for more details please contact sales@marketnews.com
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