US NATGAS: Waha Fundamentals Lean Bullish
Apr-25 17:31
Waha’s natural gas fundamentals are bullish today amid weaker Permian output and stronger end user demand.
Production from the Permian Basin is currently 20.2bcf/d, down around 1% on the day. This compares to a 30-day average of 20.36 bcf/d.
- Net gas outflows from Texas to other states outside the US Gulf are 4.29bcf/d, up by around 0.03bcf/d. Outflows are 0.05bcf/d below the 30-day average.
- EPNG’s maintenance schedule shows 15.4% of total capacity offline today due to maintenance, compared to 17.1% yesterday. This is higher than had been scheduled due to a force majeure on the Corn LPW constraint cutting capacity by 206 mmcf/d, around 20% of its throughput.
- US Gulf end user demand is at 15.82bcf/d, up by around 2.03bcf/d on the day. Demand is 1.44bcf/d above the 30-day average.
- Texas state-wide CDD count is 34 above norma for the coming two weeks, while. El Paso’s CDD is 22 above normal.
- Exports to Mexico from the US Gulf are weaker today at 6.5bcf/d. This compares to 6.53 bcf/d the previous day and the 30-day average of 6.13 bcf/d.
- All flow numbers are from Bloomberg and are updated during the day. Current figures are as of the time of publishing.
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TARIFFS: EU Expects 20% Tariffs Next Week - FT
Mar-26 17:26
The Financial Times reports that EU trade commissioner Maros Sefcovic expects US President Donald Trump to hit the European Union with tariffs "of about 20 per cent" next week, when he imposes his so-called 'Liberation Day' reciprocal tariffs.
- Sefcovic told officials that Washington’s final plan, "was still unclear but that tariffs would apply equally to all 27 member states after meeting senior administration figures on Tuesday." FT adds that, according to sources, "The US gave no indication there would be any exemptions or exceptions."
- Sefcovic's assessment came after meetings in Washington D.C. this week with Commerce Secretary Howard Lutnick, United States Trade Representative Jamieson Greer, and director of the National Economic Council, Kevin Hasset, during which, according to MNI, "he offered to cut tariffs on U.S. cars to zero and to build more pharmaceutical factories in the U.S." See: MNI: EU's Sefcovic Offers Trade Compromises To Trump- Official
- FT notes: "Brussels has begun to prepare a second tranche of retaliatory tariffs should Trump confirm additional duties next week. The EU has already drawn up a €26bn package after the US hit all steel and aluminium that will apply from April 12."
TARIFFS: EU Official Sefčovič Expects Trump Tariff of ~20%
Mar-26 17:26
- "TOP EU OFFICIAL EXPECTS TRUMP TARIFF OF ABOUT 20% - FT"
- "TOP EU OFFICIAL MAROŠ ŠEFČOVIČ SHARED ASSESSMENT AFTER MEETINGS IN WASHINGTON THIS WEEK - FT" (Reuters)
- From the FT article:
- "The EU’s top trade negotiator expects Donald Trump to hit the bloc with tariffs of about 20 per cent next week as the US president takes aggressive steps to cut trade deficits."
- "Šefčovič warned American officials that a tariff of 20 per cent on imports from the EU would be “devastating” for the bloc, according to the first official briefed on the talks."
- In an MNI exclusive earlier today, we highlighted that the European Union has offered to cut tariffs on U.S. cars to zero and to build more pharmaceutical factories in the U.S. as it seeks to head off tariffs next week, an EU trade source told MNI on Wednesday.
- "The dialogue is still going. The door is not closed," the official said.
US TSYS/OVERNIGHT REPO: ON RRP Takeup Hits 2025 Highs With Quarter-End Ahead
Mar-26 17:24
Takeup of the Fed's overnight reverse repo facility picked up the most in a week Wednesday, by $26.6B, to the highest level this year so far of $241.4B.
- Takeup of ON RRP is likely to pick up even more sharply at the end of this week and early next, amid the usual quarter-end dynamics.
