AMERICAS OIL: Canadian opposition,oil CEOs call for scrapping fed carbon pricing
Mar-21 19:07
Canadian opposition, oil CEOs call for scrapping federal carbon price system: Reuters
- The future of Canada's six-year-old carbon pricing system is on shaky ground after 14 oil and gas CEOs and the political opposition leader this week called for its repeal.
- In an open letter this week, 14 Canadian oil and gas CEOs said the federal scheme should be repealed to allow provincial governments to "set more suitable carbon regulations."
- Conservative Leader Pierre Poilievre made the federal carbon system a potential ballot issue on Monday, pledging to repeal it if he wins an election expected on April 28. The system, in place since 2019, aims to reduce pollution by giving heavy industry a financial incentive to cut carbon emissions.
- Poilievre said he would scrap the federal rules and replace them with expanded federal incentives such as tax credits to encourage companies to cut pollution. Carbon pricing decisions would then be left to individual provinces.
- Currently, industrial operations whose emissions exceed a permitted threshold must either pay the government or buy carbon credits to offset their impact.
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Historical bullets
MNI: FED MINUTES: WANT FURTHER DISINFLATION BEFORE NEXT CUT
Feb-19 19:00
- FED MINUTES: WANT FURTHER DISINFLATION BEFORE NEXT CUT
- FED: CAN TAKE CAREFUL APPROACH ON CUTS GIVEN UNCERTAINTY
- FED SAW INCREASED UPSIDE RISKS TO INFLATION IN JAN MEET
- 'VAST MAJORITY' OF FOMC STILL BELIEVES POLICY RESTRICTIVE
- VARIOUS OFFICIALS-CAN SLOW OR PAUSE QT DUE TO DEBT TALKS
- TRADE, IMMIGRATION COULD HINDER DISINFLATION PROCESS-FED
EURGBP TECHS: Pivot Resistance Stays Intact For Now
Feb-19 19:00
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8347/78 50-day EMA / High Jan 6 and pivot resistance
- PRICE: 0.8278 @ 16:09 GMT Feb 19
- SUP 1: 0.8266/8248 Low Feb 19 / 3 and bear trigger
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP traded lower again overnight but - for now - remains inside a range. The early February bounce still appears to have undermined a recent bearish threat. Attention is on 0.8378, the Jan 6 high and a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of weakness would once again refocus attention on 0.8248, the Feb 3 low and the bear trigger.
OPTIONS: US Options Roundup
Feb-19 18:36
Tuesday's US rates/bond options flow included:
- SFRH5 96.06c, traded for half in 4k.
- SFRJ5 95.87/95.81/95.62p ladder, traded for 4 in 2k.
- SFRK5 97.43c, traded for 0.75 in 2k.
- SFRM5 95.93/96.06cs, traded for 1.5 in 7.5k.
- SFRM5 95.68p, traded for 2.5 in 3k.
- SFRM5 95.56/95.68/96.00/96.12 Iron Condor, sold at 2.25 in 3k.
- SFRQ5 95.93^, bought for 34.5 in 2k.
- SFRU5 95.93^, sold at 37 and 36.5 in 8k total
- SFRU5 95.93^, traded for 37 in 2k and 36.5 in 3.5k.
- SFRZ5 96.37/96.12/95.68p ladder, sold at 6.25 in 3k.
- 0QH5 95.93/96.06/96.18/96.43c condor, traded 3.5 in 5k.
- 0QM5 96.06 with 2QM5 96.00 straddle strip, bought for 93 in 1.5k.
- 2QU5 96.62/97.00cs, traded 5 in 3k.
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