OIL PRODUCTS: Asia Set for Light Cracker Maintenance in 2025: Kpler
Feb-20 13:58
Overall Asian cracker maintenance is set to be light this year, Kpler said, impacting naphtha demand.
- There are a number of crackers that are set for maintenance, Kpler noted:
- Lotte Titan’s naphtha cracker in Indonesia due to ramp up in June instead of March, pausing a near doubling in Indonesian demand.
- China’s 650k mtpa Maoming Petrochem will shut for 6-week maintenance in March, while South Korea’s 915k mtpa YNCC No. 2 cracker will also be down for maintenance from Feb. 10 -April 4.
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US TSY FUTURES: TU Blocked
Jan-21 13:57
Latest block trade lodged at 08:49:14 NY/13:49:14 London:
- TUH5 7.0K lots blocked at 102-24.625, looks like a buyer.
- DV01 ~$266K.
EQUITIES: Couple of German Banks Option trade
Jan-21 13:53
Commerzbank:
- CBK (21st Feb) 17/15.8ps, bought for 0.18 in 4k.
Deutsche Bank
- DBK (19th Dec) 13p, bought for 0.40 and 0.41 in 5k.
ECB: Nagel Characteristically Cautious, But Appears To Back A Jan Cut
Jan-21 13:51
Characteristically cautious signals from Bundesbank President Nagel, who notes a “certain probability” of a cut in January in an interview with Bloomberg. Signals beyond the January decision were limited, with Nagel expressing a preference for the ECB to maintain its “meeting-by-meeting” approach through the first half of 2025.
- His comments on inflation appear consistent with prior interviews. He sees inflation close to the 2% target by the middle of next year - a view already highlighted in an interview with the FT on December 4.
- Nagel has previously expressed worries around sticky services inflation. While this was echoed in the latest remarks, he concedes that moderating wage growth should drive some further disinflation in the coming months.
