PACIFIC NATGAS: Cali Natgas Prices Fall
May-14 13:21
California’s natural gas prices fell yesterday amid a decline in daily demand and an uptick in pipeline receipts.
- SoCal City Gate Spot was down $0.386/MMBtu yesterday to $3.114/MMBtu.
- SoCal Border was down $0.36/MMBtu yesterday to $2.28/MMBtu, the lowest since May 5.
- PG&E City Gate was down $0.292/MMBtu yesterday to $3.11/MMBtu.
- Malin was down $0.056/MMBtu yesterday to $2.654/MMBtu.
- Total state-wide demand in California was 4.61bcf/d yesterday, down by around 0.14bcf/d. Demand is 0.27 bcf/d, or 5.5% below the 30-day average.
- End user demand was down 150 mcf/d to 3.84 bcf/d. This compares to the 30-day average of 4.14 bcf/d.
- Exports to Mexico were 2.4% stronger yesterday at 0.47bcf/d. This compares to the 30-day average of 0.42 bcf/d.
- Net natural gas inflows to California via pipeline stood at 5.67bcf/d, up by around 0.28bcf/d on the day. Pipeline inflows are 0.25bcf/d above the 30-day average.
- The uptick was led by a 170 mmcf/d rise on GTN and a 110 mmcf/d increase in flows on Kern River.
- All demand, supply, and pipeline flows data is from Bloomberg.
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EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle
Apr-14 13:21
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5724.13 50-day EMA
- RES 1: 5512.18 20-day EMA
- PRICE: 5479.50 @ 14:10 BST Apr 14
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A short-term reversal in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.
EQUITIES: EU Bank outright call buyer
Apr-14 13:11
SX7E (20th June) 180c, bought for 4.25 in 12k vs 3.84k at 168.00.
USD: Paring some losses
Apr-14 13:09
- The Dollar is still paring some losses, purely an FX move, Risk Tone is on the balance On, but the ranges in Equities are fairly small, limited.
- Even the push lower in US Yield isn't affecting the Dollar, nor the USDJPY, in fact even the USDJPY is gaining some ground.
- The street is clearly focussed on Powell and the ECB this Week, and there hasn't been any new news nor headline on that small leg higher in the Dollar.
- Some of the lighter flows, Volumes suggest that most are likely on the sidelines at this point.
