US NATGAS: Central and Northern Cali Natgas Prices Climb
PG&E City Gate is up 29 cents/MMBtu, while Malin is up 15 cents/MMBtu according to NGI.
- Forecasts remain for below normal temperatures across most of California in the next 6-14 days.
- Total state-wide demand in California is currently at 5.1bcf/d, down by around 0.2bcf/d. Demand is 1.21bcf/d below the 30-day average.
- End user demand is down 230 mcf/d to 4.34 bcf/d today. This compares to the 30-day average of 5.49 bcf/d.
- Exports to Mexico are stronger today at 0.41bcf/d. This compares to 0.38 bcf/d yesterday and the 30-day average of 0.38 bcf/d.
- Net natural gas inflows to California via pipeline stand at 5.48bcf/d, up by around 0.43bcf/d on the day.Pipeline inflows are 5.36bcf/d above the 30-day average.
- Most of the gains in pipeline inflows come from the El Paso, Kern River, and Ruby lines. Total inflows into California from the Pacific Northwest are up 2.2% to 1.73 bcf/d.
- All demand, supply, and pipeline flows data is from Bloomberg.
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GBPUSD TECHS: Tests Resistance At The 50-Day EMA
- RES 4: 1.2667 High Dec 19
- RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing
- RES 2: 1.2576 High Jan 7
- RES 1: 1.2520/23 50-day EMA / High Jan 27
- PRICE: 1.2438 @ 16:19 GMT Jan 28
- SUP 1: 1.2387/2294 20-day EMA / Low Jan 23
- SUP 2: 1.2229 Low Jan 21
- SUP 3: 1.2100 Low Jan 10 and the bear trigger
- SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
A bull cycle in GBPUSD remains in play. The pair has cleared the 20-day EMA, marking an extension of the reversal that started Jan 13. Attention is on the 50-day EMA, at 1.2520 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged, they remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10 low and bear trigger.
STIR: FED Reverse Repo Operation
RRP usage rebounds to $112.760B this afternoon after falling to $92.863B yesterday - the lowest level since mid-April 2021. The number of counterparties rises to 28 from 26 prior.
BONDS: MNI Europe Pi: OATs Continue Short Drift, Gilts And BTPs Flat (2/2)
Elsewhere in European positioning:
- OAT: OAT is in very short positioning, maintaining the longer-term drift in that direction since mid-September (was "short" in our last update). Recent trade suggests shorts cover, however.
- GILT: Gilt structural positioning has shifted to flat vs long previously, with recent price volatility only briefly seeing a dip toward shorts. The most recent week saw some short covering.
- BTP: BTP has exited structural longs for our first update since summer 2025, with our current reading at flat. Longs were reduced in the most recent week of trade.
