US NATGAS: Cali Daily Natgas Fundamentals
Total state-wide demand in California is 4.33bcf/d, down by around 0.35bcf/d. Demand is 0.4 bcf/d, or 8.5% below the 30-day average.
- End user demand is down 332 mcf/d to 3.56 bcf/d. This compares to the 30-day average of 3.97 bcf/d.
- Cali state-wide CDDs for the next 14 days are 18 in line with the normal. LA's CDDs for the next 14 days are 23 above normal. San Francisco's CDDs for the next 14 days are 17 below normal.
- Net natural gas inflows to California via pipeline stood at 5.09bcf/d, up by around 0.02bcf/d on the day.
- Total pipeline receipts into SoCal are up today by 48 mmcf/d. Receipts from pipelines into SoCal from the Desert Southwest are up by 10 mmcf/d today, while receipts via Kern River (Rockies) are up by 38 mmcf/d.
- Net receipts into Malin are stable today at 283 mmcf/d.
- Exports to Mexico are 1.3% lower today at 0.47bcf/d. This compares to the 30-day average of 0.45 bcf/d.
- All demand, supply, and pipeline flows data is from Bloomberg at the time of publishing and is subject to updates throughout the day.
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EURGBP TECHS: Briefly Pierces 50-day EMA
- RES 4: 0.8768 High Nov 20 ‘23
- RES 3: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- RES 2: 0.8541/8557 High May 2 / High Apr 28
- RES 1: 0.8456 50-day EMA
- PRICE: 0.8441 @ 16:00 BST May 21
- SUP 1: 0.8394 Low May 16
- SUP 2: 0.8359 1.236 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
The cross rallied to show briefly above the 50-day EMA as the EUR rallied across the board into the Wednesday close. A clear break and close above would conclude the recent bearish phase and shift attention to 0.8541 resistance, the May 2 high. To the downside, the 0.8400 handle has been breached in recent weeks, an extension below which would open 0.8359, a Fibonacci projection.
BONDS: Europe Pi: OATs Flat, BTPs Long, Gilts Very Long (2/2)
- OAT: OAT remains in "flat" structural positioning, where it has been for all of May after a spell in short territory in March/April. The most recent week's trade was indicative of long setting.
- GILT: Gilt structural positioning remains "very long" into the roll, compared with "flat" where it spent most of the prior 7 months. The latest week saw some some shorts set.
- BTP: BTP remains in its typical "long" territory. Trade indicative of short covering was seen in the most recent week.
US: Trump Approval Underwater On Inflation, Economy, And Tariffs - Marquette
A new survey from Marquette Law School has found that President Donald Trump’s approval is lagging on issues considered the most important by US voters, including inflation and the economy.
- Marquette: “Across seven specific issues, approval of the president’s job performance ranges from a high of 56% on border security to a low of 34% on inflation and the cost of living.”
- Marquette: “Inflation and cost of living is rated the most important issue by 36%, followed by threats to democracy at 19% and the economy at 13%. Medicare and Social Security is rated the fourth most important issue at 10%, followed by immigration at 9%. The federal budget deficit is seen as most important by 4%, health care by 3%, abortion policy by 2%, and foreign policy by 2%.”
Figure 1: Trump Job Approval Across Issues
Source: Marquette Law School
