REFINING: Valero Corpus Christi West Plant Reports Localized Fire
Valero shut relevant units at its 290,000 bpd Corpus Christi refinery in Texas West Plant after a localized fire at the H2 compressor system according to a filing on Thursday.
- “The refinery utilized appropriate procedures to expedite a systematic shutdown of relevant units and minimize emissions," according to the filing.
- Valero Corpus Christi (East), Texas: A hydrogen plant was restarted the evening of Oct. 4. The unit was shut Sept. 29 according to Wood Mackenzie.
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US: 2024: Lack Of Confidence In VP Harris Could Undermine Biden
Vice President Kamala Harris told the Associated Press this morning that she is ready to step into the role of president, should President Biden be incapacitated whilst in office.
- Harris said: “...every vice president understands... they may have to take over the job of being president. I’m no different.”
- Harris’ comments are likely to be scrutinised by Republicans who argue that Biden’s age elevates the chance of Harris assuming the presidency during a second Biden term.
- Republicans further believe that Harris is an election liability for President Biden, a claim not without evidence as in all surveys pitting Biden and Harris against Trump, Harris significantly underperforms Biden.
- Election analyst Nate Silver argues, "To have chosen a running mate who was a demonstrated electoral underperformer was a big risk for Biden and Democrats."
- This dynamic is likely to come into sharper focus as the election draws nearer, particularly if Biden experiences an incident, as Senate Minority Leader Mitch McConnell (R-KY) has recently, which can be credibly linked to his age and suitability for office.
Figure 1: Harris/Biden Polling VS Trump
Source: Nate Silver
GBPUSD TECHS: Downtrend Intact
- RES 4: 1.2996 High Jul 27 and a key resistance
- RES 3: 1.2887 High Jul 28
- RES 2: 1.2819 High Aug 10 and a reversal trigger
- RES 1: 1.2675/2746 20-day EMA / High Aug 30
- PRICE: 1.2498 @ 16:19 BST Sep 06
- SUP 1: 1.2482 Low Sep 6
- SUP 2: 1.2480 1.50 projection of the Jul 14 - 24 - 27 price swing
- SUP 3: 1.2433 Low Jun 8
- SUP 4: 1.2369 Low Jun 5
GBPUSD opened further the gap with key short-term resistance at 1.2746, the Aug 30 high. A break of this level is required to signal scope for a stronger short-term recovery. For now, the trend outlook is bearish and Tuesday’s move lower has reinforced this condition. Support at 1.2548, the Aug 25 low, has been breached. This confirms a resumption of the trend and opens 1.2480, a Fibonacci projection.
US: FED Reverse Repo Operation
Repo operation rebounds to $1,606.244B w/96 counterparties, compared to $1,568.490B in the prior session (lowest since early March 2022). The high for 2023 stands at $2,375.171B on Friday March 31, 2023; all-time record high of $2,553.716B reached December 30, 2022.
NY Federal Reserve/MNI
