REFINING: Pemex Could Restart Dos Bocas Refinery This Month: Sheinbaum
Feb-05 09:32
Pemex may be able to restart the Dos Bocas refinery as soon as this month, according to President Claudia Sheinbaum cited by Bloomberg.
- It is working to restore the supply of refinery-ready oil following issues with high salt content in the crude supply.
- Dos Bocas has been shut since at least mid-January but the issue is to be solved this month.
- Barring the oil quality issues, the refinery is ready to operate, Sheinbaum added.
- IIR previously reported that Pemex’s 340kb/d refinery will finish its planned repairs in early Feb instead of late Jan.
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EUR: Single Currency Extends Bounce Following Eurozone/Germany Data
Jan-06 09:32
- Markets are continuing to pare ECB easing bets following the higher-than-expected data releases across the Eurozone PMIs and the German inflation print for Hesse. As such, the Euro is strengthening and is among the best performers in G10.
- Alongside the softer greenback, EURUSD has extended its appreciation above the prior breakout level of 1.0335, taking the pair to an intra-day high of 1.0369. Overall, the trend needle continues to point south, and initial firm resistance is at 1.0414, the 20-day EMA.
- EURJPY is standing out, rising 0.75% at typing amid the notable weakness for the Japanese Yen overnight. We have traded above the Jan 02 high while the focus will be on 165.04, the Nov 15 high and a key short-term resistance.
MNI: UK FINAL DEC SRVICES PMI 51.1 (FLASH 51.4); NOV 50.4
Jan-06 09:30
- MNI: UK FINAL DEC SRVICES PMI 51.1 (FLASH 51.4); NOV 50.4
STIR: 100bp Of ECB Cuts Priced For ’25 After Hesse CPI
Jan-06 09:26
Firmer-than-expected Hesse CPI data out of Germany (based on comparisons with the national CPI expectations) drives further hawkish repricing on the ECB-dated OIS strip, with 100bp of cuts now priced through ’25.
- This compares to 115-120bp seen just before the Christmas break.
- ~26bp and ~27bp of cuts show over the next two ECB decisions, respectively, as market-implied odds of an upsized rate cut are pared further.
- A reminder that methodology alterations and regional holidays means that Hesse provides the only major regional CPI release ahead of this afternoon’s German national CPI release.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Jan-25 | 2.661 | -25.8 |
| Mar-25 | 2.393 | -52.6 |
| Apr-25 | 2.204 | -71.5 |
| Jun-25 | 2.080 | -84.0 |
| Jul-25 | 2.038 | -88.1 |
| Sep-25 | 1.971 | -94.8 |
| Oct-25 | 1.939 | -98.0 |
| Dec-25 | 1.919 | -100.0 |
- Euribor futures are 3.0-5.5bp lower at typing.
- ERZ5 8.0 off its November low and 11.0 off its October low.
- SOFR/Euribor and SONIA/Euribor Dec ’25 spreads continue to move away from their late ’24 highs.
Fig. 1: SOFR/Euribor and SONIA/Euribor December ’25 (Z5) Spreads
Source: MNI - Market News/Bloomberg
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