AMERICAS OIL: Trump to host top US oil chief executives as trade wars loom: RTRS
Mar-19 11:41
Trump to host top US oil chief executives as trade wars loom: Reuters
- U.S. President Donald Trump will host top oil executives at the White House on Wednesday, including members of the American Petroleum Institute's (API) executive committee, according to one source familiar with the planning of the closed-door event.
- ExxonMobil CEO Darren Woods, Chevron CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Phillips 66 CEO Mark Lashier and Marathon Petroleum CEO Maryann Mannen are among the leaders on the trade group's executive committee, according to public biographies.
- Executives are expected to express concerns over Trump's trade wars while stressing the need for higher oil prices to incentivize the president's goal to raise domestic production.
- Trump had promised during the campaign to boost already record U.S. oil production by as much as 3 mb/d and cut energy prices while rolling back environmental regulations and accelerating the permitting process.
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EURIBOR OPTIONS: Call spread buyer
Feb-17 11:40
ERZ5 98.25/9850cs, bought for 5.5 in 5k.
BUNDS: /SWAPS: ASWs Unwind Friday's Widening On Defense Spending Prospects
Feb-17 11:31
Long-end German ASWs have fully reversed Friday’s widening, with outright yields increasing on the prospect of increased European defence spending in the event of a US-brokered peace deal between Russia and Ukraine.
- Buxl ASW vs. 3-month Euribor is ~3bps tighter today at -39bps, after widening to a multi-week high of -34.5bps on Friday morning. Bund ASW is also 2.5bps tighter, with more modest movements seen at the short-end.
- Last week’s widening was seemingly a combination of US spread spillover and concentrated short positioning in German long-end spreads. Reduced expectations for a long-end Bund syndication ahead of the Feb 23 German election may have also played a role.
- Although we pencil in a 30-year Bund syndication for this week, our conviction is waning ahead of the election. We wouldn’t rule out a mandate announcement for today, with a transaction tomorrow, but the later in the week we go the less likely the transaction would be.
- The prospect of debt brake reform following the election result (the probability of which depends on the eventual composition of the Bundestag) presents a key near-term risk to ASWs, even if the implementation of any reforms would likely take some time. MNI’s full German election preview will be released early this week.
- On a medium/longer-term basis, fundamentals point to further tightening of ASWs, with the ECB’s balance sheet run-off increasing free-float of German paper and easing concerns around collateral availability.
Figure 1: German ASWs
OPTIONS: Expiries for Feb17 NY cut 1000ET (Source DTCC)
Feb-17 11:29
- EUR/USD: $1.0500(E3.6bln)
- USD/JPY: Y148.20($986mln), Y152.00-20($1.1bln)
- AUD/USD: $0.6285-00(A$515mln)
