AMERICAS OIL: PBF Says No Estimate on Length of Martinez, CA Refinery Outage
Feb-13 14:08
PBF Says No Estimate on Length of Martinez, California Refinery Outage: Reuters
- PBF Energy said it had no estimate for how long the company's 156,400-b/d Martinez, California, refinery would remain shut following a February 1 fire, according to a statement released on Thursday.
- During a Thursday morning conference call, the company executives said it has not been possible to assess damage from the fire because ongoing investigations have cordoned off the site of ignition of the blaze.
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FOREX: EURGBP Rally Extends, Focus Turns to UK CPI Release
Jan-14 14:06
- Sterling weakness continuing to stand out in G10 currency markets, as EURGBP extends session gains to 0.5%, registering a fresh two-month high in recent trade ~0.8443, helped by the quick fade of GBPUSD strength following the soft US data release.
- Price action for EURGBP narrows the gap to the next target of 0.8448, the Oct 31 high and a reversal trigger from a technical perspective. Further upside would signal scope for a move towards 0.8494, the August 26 high.
- The next key input for the Pound will be UK CPI, released tomorrow at 07:00 GMT, with focus on the services Y/Y figure for which consensus stands at a slightly softer 4.8% (vs 5.0% November). Our full preview for the release will be published shortly.
STIR: Effective Fed Funds Rate
Jan-14 14:00
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $104B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $306B
FRANCE: PM Bayrou Set To Speak At 1400GMT/1500CET
Jan-14 13:58
PM Bayrou’s general policy speech can be viewed at this link.
- French media outlets reported earlier today that Bayrou told parliamentary leaders of the gov't parties that he does not intend to announce a suspension of the 2023 pension reforms, instead favouring renegotiation in order to reach an agreement by September 2025.
- The centre-left Socialist Party (PS) has talked up a suspension of the reforms as its price for supporting the gov't in a post-speech censure vote.
- Should Bayrou's middle-ground approach on pension reform fall short of PS demands then it remains to be seen whether the Bayrou gov't can last.
