US NATGAS: Cali Daily Natgas Fundamentals
Total state-wide demand in California is 6.06 bcf/d, up by around 0.04 bcf/d. Demand is 0.89 bcf/d, or 17.2% above the 30-day average.
- End user demand is up 88 mcf/d to 5.09 bcf/d. This compares to the 30-day average of 4.27 bcf/d.
- Cali state-wide CDDs for the next 14 days are 30 below normal. LA's CDDs for the next 14 days are 20 below normal. San Francisco's CDDs for the next 14 days are 26 below normal.
- Net natural gas inflows to California via pipeline stood at 4.86 bcf/d, up by around 277 mmcf/d on the day.
- Total pipeline receipts into SoCal are up today by 26 mmcf/d. Receipts from pipelines into SoCal from the Desert Southwest are up by 109 mmcf/d today, while receipts via Kern River (Rockies) are down by 84 mmcf/d.
- Net receipts into Malin are down by 30 mmcf/d today.
- Exports to Mexico are 6.6% lower today at 0.62 bcf/d. This compares to the 30-day average of 0.58 bcf/d.
- All demand, supply, and pipeline flows data are from Bloomberg at the time of publishing and is subject to updates throughout the day.
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EURGBP TECHS: Holding On To Most Of Its Recent Gains
- RES 4: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
- RES 3: 0.8738 High Apr 11 high and a key resistance
- RES 2: 0.8694 High Apr 14
- RES 1: 0.8670 High Jul 02
- PRICE: 0.8630 @ 16:25 BST Jul 8
- SUP 1: 0.8597 Low Jul 7
- SUP 2: 0.8555/8507 20- and 50-day EMA values
- SUP 3: 0.8459 Low Jun 11
- SUP 4: 0.8407 Low Jun 4
The trend condition in EURGBP remains bullish and the cross is holding on to the bulk of its recent gains. Moving average studies are in a bull-mode position - highlighting a dominant uptrend. 0.8648, 76.4% of the Apr 11 - May 29 downleg, has been pierced. A continuation higher would further strengthen bullish conditions and open 0.8738, the Apr 11 high and a key resistance. Support to watch lies at 0.8555, the 20-day EMA.
PIPELINE: Corporate Bond Update: $2.25B American Honda 3Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 07/08 $3B *IADB (Inter-American Development Bank) 10Y SOFR+61
- 07/08 $2.25B #American Honda $900M 2Y +65, $600M 2Y SOFR+87, $750M 7Y +100
- 07/08 $Benchmark BFCM 3.25Y +72, 3.25Y SOFR+99
- 07/08 $750M Gray Media 7NC investor calls
- Potential roll-over from Monday:
- 07/?? $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
- 07/?? $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
GBPUSD TECHS: Pullback Considered Corrective
- RES 4: 1.3852 1.764 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3835 High Oct 20 2021
- RES 2: 1.3800 Round number resistance
- RES 1: 1.3789 High Jul 01 and the bull trigger
- PRICE: 1.3568 @ 16:15 BST Jul 8
- SUP 1: 1.3526 Low Jul 08
- SUP 2: 1.3468 50-day EMA
- SUP 3: 1.3379 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3245 Low May 19
A bull cycle in GBPUSD remains in play and recent weakness appears corrective. Support at 1.3602, the 20-day EMA, has been pierced. A clear break here would signal scope for a deeper correction towards the 50-day EMA at 1.3468. Key resistance and the bull trigger is at 1.3789, the Jul 1 high. Clearance of this hurdle would resume the uptrend. Note that MA studies are in a bull-mode position, suggesting the M/T uptrend is intact.
