US NATGAS: Waha Ticks Up on Day

Feb-12 18:59

The Waha gas hub in Texas is up by 47 cents/MMBtu today, according to NGI, with below normal temperatures forecast across the state.

  • The NOAA shows below normal temperatures for much of Texas and the surrounding states, although the western Pacific states are likely to see milder weather.
  • End user demand in the US Gulf is down 560 mcf/d to 19.42 bcf/d, with a 290 mcf/d fall in commercial/residential demand.
  • Exports to Mexico from the US Gulf are stronger at 5.98 bcf/d, compared to 5.83 bcf/d yesterday,
  • Net gas outflows from Texas to other states outside the US Gulf are largely stable at 6.77 bcf/d.
  • Permian output is up 0.1% to 20.29 bcf/d today. The 30-day moving average is 19.96 bcf/d.
  • Overall dry gas production in Texas is stable day-on-day at 30.14 bcf/d. The 30-day average is 29.43 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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Source: NOAA/Bloomberg

Historical bullets

STIR: FED Reverse Repo Operation

Jan-13 18:45

RRP usage inches up to $183.669B this afternoon from $178.800B on Friday. Compares to $98.356B on Friday, December 20 - the lowest level since mid-April 2021. The number of counterparties rises to 51 from 48.

reverse repo 01132025

US: NATO Approval Of US Leadership Fragile Despite Biden's Multilateralism

Jan-13 18:21

A new survey from Gallup has found that the reputation of US leadership remains fragile, across NATO member countries, despite US President Joe Biden’s attempt to shore up the transatlantic partnership. 

  • Gallup: “In the last year of Biden’s presidency, the median approval of U.S. leadership across NATO’s 30 member countries was 35%, the lowest of his term. Median disapproval was 51%, the highest of his term.
  • “Historically, these ratings were still relatively better than those under Trump or during George W. Bush’s last two years in office. However, ratings under Biden were worse than those during most of the Barack Obama administration, when approval averaged 46% and disapproval averaged 26%.”
  • The survey suggests, ahead of Trump's return to the White House on January 20, that Biden's focus on multilateral foreign policy has not wholly repaired tensions within NATO, particularly regarding disagreements in policy towards the Middle East and Ukraine.
  • The alliance will be tested further in the coming weeks, with Trump previewing a return to his hardline first-term rhetoric on alliance contributions, calling on NATO members to hit 5% of GDP in defence spending - more than double the current benchmark target.   

Figure 1: Approval of the Leadership of the United States, NATO Member Countries

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Source: Gallup

PIPELINE: Midday Corporate Bond Roundup: Issuance Picking Up

Jan-13 18:14
  • Date $MM Issuer (Priced *, Launch #)
  • 01/13 $2.5B #Standard Chartered $1B 4NC3 +105, $500M 4NC3 SOFR+124, $1B 11NC10 +143
  • 01/13 $2B #Deere $1.25B 10Y +68, $750M 30Y +75
  • 01/13 $1.5B #CBA 5Y SOFR+69
  • 01/13 $1B *EBRD 5.5Y SOFR+42
  • 01/13 $1B #Plains All American 10Y +120
  • 01/13 $750M #Ares Strategic 7Y +175