OIL: Urals Freight Rates to India Rise to Highest Since March 2024
Mar-07 15:34
Russian Urals oil freight rates from its western ports to India have risen to the highest since March 2024 amid US sanctions on tankers carrying Russian oil and higher CPC blend loadings according to Reuters sources.
- The cost from Russia's Baltic ports of Primorsk and Ust-Luga and Black Sea port of Novorossiisk to India rose to $8m for a one-way trip from an average of about $7.5m in February. The cost is well below a peak of $20m per voyage in 2022.
- The cost from Russia's Baltic ports to India on an Aframax vessel was $4.7-4.9m in early January and from Novorossiisk to India for Suezmax tankers was $4.3-$4.5m.
- Exports of Kazakhstan's CPC Blend to Asia were expected to stay high in March and April supporting freight rates as demand rises for the limited number of available tankers, Reuters sources said.
- However, Kazakhstan is optimising oil production in March until fulfilment of OPEC+ obligations, the deputy energy minister said today.
- Chinese and South Korean buyers are replacing more expensive Middle Eastern oil with CPC Blend.
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OPTIONS: Expiries for Feb06 NY cut 1000ET (Source DTCC)
Feb-05 15:33
- EUR/USD: $1.0250(E1.5bln), $1.0300(E1.0bln), $1.0315-25(E2.2bln), $1.0350-55(E1.1bln), $1.0370-80(E1.5bln), $1.0390-10(E2.8bln), $1.0430-50(E2.4bln), $1.0500(E1.2bln)
- USD/JPY: Y152.50($720mln), Y153.90($1.4bln)
- EUR/JPY: Y159.30(E878mln)
- GBP/USD: $1.2455(Gbp1.4bln), $1.2550(Gbp1.1bln)
- EUR/GBP: Gbp0.8465(E1.1bln)
- USD/CAD: C$1.4200($1.8bln)
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GILT AUCTION PREVIEW: On offer next week
Feb-05 15:31
The DMO has announced it will be looking to sell GBP1bln of the 0.625% Mar-45 linker (ISIN: GB00BMF9LH90) at its auction next Wednesday, February 12.
STIR: Further Modestly Dovish Reaction To ISM Services Miss
Feb-05 15:30
- Fed Funds implied rates have eased a little lower on the softer than expected ISM services report for January, currently 0.5-2.5bp lower, with some limit considering the large declines seen over the past two days.
- The ISM report included a firm pullback in the prices paid component but it followed an outsized increase in December (the survey estimate on Bloomberg only had three analysts) and as we note in our 1014ET bullet, adverse weather conditions were highlighted by many respondents.
- Cumulative cuts from 4.33% effective: 5bp Mar, 12.5bp May, 23bp May, 30bp Jul and 50bp Dec.
