LNG: Weekly US LNG Export Cargoes Rise to 30 With Feedgas at Record Highs
The number of US LNG export cargoes rose to 30 in the week to Feb. 12 from 29 the week prior, according to the EIA, as terminal feedgas flows rise to record highs. Total capacity of the vessels increased to 114bcf from 110bcf.
- Average natural gas deliveries to US LNG export terminals increased 0.5bcf/d w/w to 15.7bcf/d, according to S&P Global Commodity Insights.
- Natural gas deliveries to terminals in South Louisiana increased 3.3% (0.3bcf/d) to 9.8bcf/d and deliveries to South Texas increased by 6.2% (0.3bcf/d) to 4.7bcf/d.
- US LNG export terminal feedgas has risen to a new record high at 15.40bcf/d today, according to Bloomberg, amid the ongoing ramp up at the Plaquemines LNG facility reaching a feedgas high of 1.32bcf/d on Feb. 11.
- TTF MAR 25 down 3.1% at 49.82€/MWh
- NBP MAR 25 down 2.9% at 120.67p/th
- JKM Mar 25 down 2.3% at 14.44$/mmbtu
- JKM-TTF Mar 25 up 0.2$/mmbtu at -0.81$/mmbtu
- US Natgas MAR 25 up 2% at 3.7$/mmbtu
Source: Bloomberg
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FOREX: FX OPTION EXPIRY
Of note:
EURUSD 1.08bn at 1.0300.
EURUSD 2.7bn at 1.0300 (fri).
USDJPY 1.89bn at 157.00 (fri).
USDCAD 1.88bn at 1.4275/1.4300 (fri).
- EURUSD: 1.0200 (2.22bn), 1.0250 (1.6bn), 1.0300 (1.08bn), 1.0340 (353mln), 1.0350 (535mln).
- GBPUSD: 1.2200 (300mln), 1.2275 (703mln).
- USDJPY: 156.25 (580mln), 157.00 (470mln).
- AUDNZD; 1.1100 (350mln).
- USDCNY: 7.3500 (818mln).
- USDZAR: 18.5500 (446mln).
US-EU: Dutch Govt Issues New Export Controls On Semiconductor Supply Chain
The government of the Netherlands said in a statement it has enacted new export controls on equipment used in the measuring and inspection of advanced semiconductors. The controls appear to apply to metrology and inspection systems manufactured by Dutch firm ASML - a crucial component in the supply chain of high-end chips.
- The announcement comes after sweeping new export controls, announced by the Biden administration this week, designed to curb the US' adversaries - including China and Russia - access to high-end semiconductor technology related to artificial intelligence. The measures include a three-tier licencing system with some US allies, including the Netherlands, permitted unfettered access to US chip markets and some countries, including China, hit with a near-total restriction on advanced US chips.
- The US measures are seen as a step to formalise a multilateral framework for controlling advanced chip technology before President-elect Donald Trump takes office next week.
- The Dutch government said in a statement: "...the export of these technologies will now also require an export authorisation [to be] decide[d] on a case-by-case basis... [The measure applies to] all destinations outside the EU. It does not constitute an export ban."
- Reuters notes that ASML said in a statement that it sees no additional impact from the measures, adding the rules are "in line" with changes indicated in December.
- ASML noted in December that US restrictions apply to fabrication locations, "mainly in China" and reported measures "do not expect any direct material impact on our business."
EUROPEAN INFLATION: Broad-based Acceleration Of Spanish Inflation In December
Spanish December inflation confirmed flash estimates at 2.8% Y/Y, up from 2.4% in November. All major sub-components other than processed foods accelerated on an annual basis, with core (ex-energy/unprocessed food) inflation ticking up to 2.6% Y/Y (vs 2.5% prior).
- Services inflation was 3.7% Y/Y (vs 3.5% prior). A 12.4% Y/Y rise in package holidays (vs 8.1% prior) was an important factor here, with the recreation and culture component at 3.9% Y/Y (vs 2.5% prior). More broadly, the December services PMI highlighted that services firms have been able to pass on input cost rises to consumers.
- Non-energy industrial goods inflation remained soft at 0.3% Y/Y (vs 0.2% prior). In contrast to services firms, the December manufacturing PMI highlighted that competitive pressures have limited pricing power amongst Spanish manufacturers.
- Processed food inflation was 2.4% Y/Y (vs 2.5% prior), while unprocessed food inflation accelerated to 2.1% Y/Y (vs 0.8% prior).
- Energy inflation was 5.5% Y/Y (vs 2.6% prior), driven by fuel prices.
