OIL PRODUCTS: ARA STOCKS - ARA oil product stocks according to Insights Global:
Jul-04 14:19
Inventory type, latest level, weekly change (all in thousand metric tons) as follows:
- Gasoline: 1,109, -15
- Naphtha: 462, -11
- Gasoil: 2,184, -13
- Fuel Oil: 1,422, -103
- Jet Fuel: 1,022, +102
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BONDS: Bunds & Gilts track Tsys Post-JOLTS
Jun-04 14:17
Knee-jerk fresh session highs for gilts and Bunds on the back of the JOLTS data, tracing U.S. Tsys, before a fade back from best levels on the previously covered revisions to quits rate.
STIR: Little Net Movement In Fed Pricing On Noisy JOLTS Data
Jun-04 14:14
The dovish move in Fed pricing sees a modest extension on the back of the softer-than-expected JOLTS job opening print, before upward revisions to the quits rate data help counter the move.
- The prior month’s JOLTS job openings print also saw a negative revision.
- Note that the headline print shows the shallowest level of job openings seen since Feb ’21, with the COVID induced jump higher in the metric continuing to unwind.
- A reminder that various rounds of Fedspeak have flagged an unexpected loosening in the labour market as a potential catalyst for cuts, albeit with more prominence given to higher-for-longer discussions as we moved into the pre-FOMC blackout period.
- The data leaves ~45bp of cuts priced into FOMC-dated OIS through year end (vs. 44bp pre-data).
- Just under 80% odds of a cut through the Sep FOMC are priced, with ~28bp of cuts priced through the Nov FOMC, little changed vs. pre-data levels.
US TSY OPTIONS: Pre-Data 5Y Vol Sale, Short-Term 10Y Call Buy Post-Data
Jun-04 14:14
- +15,000 wk1 10Y 109.5 calls, 46 ref 109-30 - expire Friday
- -10,000 FVN4 105.75/107.25 strangles, 24
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