OIL: Asia's VLSFO Differential Softer, HSFO Recovers Back Into Premium
Oct-09 12:38
Asia’s VLSFO differential softened into a steeper discount on Thursday, while HSFO recovered back into a premium, Reuters reports.
- The broader market has been pressured by heavy supply arrivals in the previous quarter, which have kept inventory levels buoyant in Singapore.
- Onshore stockpiles retreated for this week but help above average levels as with recent months. Most of the week’s inflows into tanks hailed from the UAE, followed by Bahrain and Brazil.
- Spot offers for VLSFO extended declines, with prices slipping into late October and early November. Demand for downstream bunker fuel has also been largely tepid.
- Meanwhile, some recovery emerged for the HSFO market. The cash differential for the 380-cst grade traded back into a premium on Thursday, after holding discounts for the earlier half of the week.
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STIR: Repo Reference Rates
Sep-09 12:18
- Secured Overnight Financing Rate (SOFR): 4.40% (-0.02), volume: $2.872T
- Broad General Collateral Rate (BGCR): 4.39% (-0.01), volume: $1.151T
- Tri-Party General Collateral Rate (TCR): 4.39% (-0.01), volume: $1.120T
- (rate, volume levels reflect prior session)
US: MNI POLITICAL RISK - Miran On Track For Swift Fed Confirmation
Sep-09 12:06
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- President Donald Trump is expected to take questions from reporters when he signs a proclamation at 16:30 ET 21:30 BST.
- At 10:00 ET 15:00 BST, the BLS will release payroll revisions for the year ending March 2025. Trump advisors are preparing a report criticising the agency's jobs data.
- The Supreme Court ruled that Trump can fire FTC Commissioner Rebecca Slaughter and overturned a lower court restriction on immigration raids in Los Angeles.
- Trump is struggling to contain the fallout from the Epstein case but appears to have resolved a rift with conservative commentators, reducing his political exposure to the issue.
- CEA Chair Stephen Miran appears set for a smooth confirmation to the Fed board after Senator Thom Tillis (R-NC) said he will vote in favour of Miran’s confirmation.
- The Senate Banking Committee will vote on Miran’s confirmation tomorrow at 10:00 ET 15:00 BST, teeing up a full Senate vote on September 15, a day before the FOMC meeting.
- Medicaid cuts could slow growth in health jobs.
- South Korea’s foreign minister is in Washington to discuss an immigration raid that prompted a furious reaction in Seoul.
- The risk of a government shutdown receded slightly after a 'four corners' meeting.
- Defense Secretary Pete Hegseth made an unannounced visit to Puerto Rico as the US prepares to expand military operations against Latin American cartels.
- Poll of the Day: Democrats view capitalism less favourably.
Full Article: US DAILY BRIEF
GILT PAOF RESULTS: GBP60.0mln of the 4.75% Oct-43 Gilt sold.
Sep-09 12:01
- GBP437.5mln have been on offer.
- This means GBP34.875bln of the gilt remain in issue.
