OIL PRODUCTS: ARA Naphtha Stockpiles Hit Record Seasonal High
Stockpiles of naphtha help in independent storage in the ARA area are at a record seasonal high, according to Insights Global data.
- Naphtha stockpiles: 596k mt, +83k mt on the week and the highest for the time of year since at least 2008.
- “Chronically low Rhine levels are making it difficult to barge ARA naphtha up the river to crackers in Germany, leaving stocks higher in ARA on average,” said Kpler’s Ciaran Tyler, cited by Bloomberg.
- Steam cracking margins in NWE are incentivising flexible feedstock crackers to favour LPG. This is squeezing spot demand.
- While naphtha blending demand for gasoline exports from NWE improved in April due to issues at Nigeria’s 650k b/d Dangote and stronger appetite from PADD 1, European net gasoline exports are down 24k b/d year-on-year, Kpler said.
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EURUSD TECHS: Trend Condition Remains Bullish
- RES 4: 1.1083 High Oct 2 2024
- RES 3: 1.1040 High Oct 4 2024
- RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 1: 1.0861/0955 High Mar 21 / 18 and the bull trigger
- PRICE: 1.0808 @ 15:50 BST Apr 1
- SUP 1: 1.0733 Low Mar 27 and a key short-term support
- SUP 2: 1.0656 50-day EMA and a short-term pivot level
- SUP 3: 1.0602 Low Mar 5
- SUP 4: 1.0548 50.0% retracement of the Feb 3 - Mar 18 bull run
The trend condition in EURUSD is bullish and recent weakness appears to have been a correction. MA studies are in a bull-mode position highlighting a dominant uptrend. 1.0733, the Mar 27 low, marks a key near-term support. A move through it would confirm a clear breach of the 20-day EMA and signal scope for a deeper correction towards the 50-day EMA at 1.0656. Key resistance and the bull trigger is 1.0955, the Mar 18 high.
PIPELINE: Corporate Bond Update: $850M Kommunalbanken 4Y SOFR Priced
- Date $MM Issuer (Priced *, Launch #)
- 04/01 $1B *DBJ 5Y SOFR+59
- 04/01 $850M *Kommunalbanken Norway 4Y SOFR+41 (upsized from $500M)
- 04/01 $600M #Realty Income 10Y +118
- 04/01 $500M #Banco Votorantim 3Y 5.95%
- 04/01 $500M Nexa WNG 12Y +250
- 04/01 $Benchmark LPL Holdings 3Y +110, 5Y +128, 10Y +165
- 04/01 $Benchmark NRW Bank 5Y SOFR+49a
