LNG: China’s 2025 Econ Growth Goals Neutral for Spot LNG: Platts
Mar-05 14:10
Chinese Premier Li Qiang’s annual work report at the country’s top political meetings of the year, called the Two Sessions, is neutral for LNG prices, Platts said.
- This follows steady GDP growth target, a focus on domestic consumption and mounting global uncertainties, Platts said. China set an annual growth target of around 5%, unchanged from 2024.
- Over one third of China’s natgas demand comes from the industrial sector but focus on domestic consumption will not provide a big boost for gas demand or LNG imports, Platts said.
- Platts forecasts China’s natgas demand growth slowing to 7% while annual LNG import growth slowing to 2m mtpa from 5.5m mtpa.
- Domestic gas production is hitting record higher, while Russian pipeline gas imports are reaching full capacity. Uncertainty around tariffs posed more near-term challenges for LNG imports.
- Beijing’s focus on clean energy as a strategic priority will also help buoy the gas outlook.
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USD: Grassely 'Pleads' For Potash Exemption From Canada Tariffs
Feb-03 14:09
Senator Chuck Grassley (R-IA), one of the senior-most members of the Senate Republican conference, has "pleaded" with President Donald Trump to exempt potash from tariffs levied on imports from Canada.
- Grassley said in a message on X: "Biden inflation increase the input cost to farming by 20% incl particularly high prices on fertilizer. So I plead w President Trump to exempt potash from the tariff because family farmers get most of our potash from Canada"
- The message is a sign that Trump's tariff agenda may burn significant political capital with Republicans from agricultural and manufacturing states, likely to bear the brunt of Trump's tariffs and retaliatory actions from targetted countries.
- Former Senate Republican Leader Mitch McConnell (R-KY), a regular adversary of Trump, said on Sunday: “[Tariffs] will drive the cost of everything up. In other words, it will be paid for by American consumers. Why would you want to get in a fight with your allies over this?”
- Axios notes that Senate Majority Leader John Thune (R-SD) said in August that he is against "across-the-board tariffs” but is open to the selective use of tariffs.
- As a reminder, the power of the executive is limited. For durable legislative change, Trump needs to keep Republican lawmakers onside. Any major revolt from agricultural state Republicans will put the entire GOP agenda at risk.
STIR: Effective Fed Funds Rate
Feb-03 14:07
- FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $83B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $227B
- Earlier Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.38% (+0.02), volume: $2.533T
- Broad General Collateral Rate (BGCR): 4.34% (+0.00), volume: $918B
- Tri-Party General Collateral Rate (TCR): 4.34% (+0.00), volume: $892B
- (rate, volume levels reflect prior session)
FRANCE AUCTION RESULTS: 14/23/25/51-week BTFs
Feb-03 13:55
| Type | 14-week BTF | 23-week BTF | 25-week BTF | 51-week BTF |
| Maturity | May 14, 2025 | Jul 17, 2025 | Jul 30, 2025 | Jan 28, 2026 |
| Amount | E2.594bln | E498mln | E1.898bln | E2.196bln |
| Target | E2.2-2.6bln | E0.1-0.5bln | E1.5-1.9bln | E1.8-2.2bln |
| Previous | E2.994bln | E2.098bln | E2.197bln | |
| Avg yield | 2.496% | 2.381% | 2.395% | 2.218% |
| Previous | 2.608% | 2.508% | 2.407% | |
| Bid-to-cover | 3.52x | 4.3x | 3.31x | 3.36x |
| Previous | 3.91x | 3.99x | 4.05x | |
| Previous date | Jan 27, 2025 | Jan 27, 2025 | Jan 27, 2025 |
