LNG: Canada Has Room for Multiple LNG Projects: Platts
Jun-13 09:59
Canada’s West Coast has room for multiple LNG export projects to meet a burgeoning global energy demand, despite its first greenfield LNG facility is nearing a startup, industry participants said, cited by Platts.
- "LNG Canada is now over more than 90% complete and we will be the first to be built on the [Canadian] West Coast," Senior Vice President Teresa Waddington said at the Global Energy Show in Calgary. "We will have the advantage of a less shipping time to Asia [compared with the US Gulf Coast]."
- Canada is the closest supplier to Asia with shipping time around 8 days, compared to 16-18 days from the USGC.
- There are five LNG projects in Canada, with the 12m mtpa LNG Canada most advanced.
- The remaining are: 2.1m mtpa Woodfibre; 3m mtpa Cedar; 12m mtpa Ksi Lisims; and 2.7m mtpa Summit Lake PG projects all aiming for startup by 2030.
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US TSY FUTURES: OI Suggests Long Setting Dominated On Monday
May-14 09:51
Yesterday's uptick in Tsy futures and preliminary OI data points to a mix of net long setting (FV, TY, US & WN) and net short cover (TU & UXY), with the former dominating in net curve terms.
- The largest net long setting (in DV01 equivalent terms) seemed to come in WN futures.
- A reminder that an uptick in the New York Fed's short-run inflation expectations metric helped trim the early rally, with subsequent block sales also factoring in.
- Impending inflation data presents the immediate tier 1 risk events for Tsys, with futures positioning still skewed short across the curve (although there will be some influence from basis trade positions evident there).
- It is also worth flagging that net shorts have pared back from recent extremes, presenting a little more two-way event risk than was evident ahead of the most recent NFP release.
- Expect our full CPI preview to be published over the next couple of hours.
| 13-May-24 | 10-May-24 | Daily OI Change | OI DV01 Equivalent Change ($) | |
| TU | 4,050,558 | 4,054,696 | -4,138 | -149,922 |
| FV | 6,167,387 | 6,153,007 | +14,380 | +588,424 |
| TY | 4,387,272 | 4,382,680 | +4,592 | +291,568 |
| UXY | 2,148,254 | 2,148,475 | -221 | -18,951 |
| US | 1,603,530 | 1,598,509 | +5,021 | +639,261 |
| WN | 1,651,935 | 1,642,670 | +9,265 | +1,818,112 |
| Total | +28,899 | +3,168,492 |
US TSY FUTURES: TY Blocked
May-14 09:40
Latest block trade lodged at 10:16:03 London/05:16:03 NY:
- TYM4 4,180 lots blocked at 108-27+, looks like a buyer. DV01 ~$265K.
OPTIONS: Expiries for May14 NY cut 1000ET (Source DTCC)
May-14 09:38
- EUR/USD: $1.0650(E1.9bln), $1.0750-60(E2.2bln), $1.0800(E1.1bln), $1.0850(E1.1bln)
- GBP/USD: $1.2495-00(Gbp1.7bln), $1.2525-30(Gbp640mln)
- USD/JPY: Y155.15($602mln)
- AUD/USD: $0.6590-00(A$2.7bln)
- USD/CAD: C$1.3700($657mln), C$1.3755($579mln)
- USD/CNY: Cny7.2400($536mln)
