LNG: China’s LNG Buyers Sit Out Winter Spot Market: Platts
Sep-18 12:55
Chinese LNG importers are largely absent from the Asian spot LNG market this winter, as strong domestic production, rising pipeline gas imports, and high storage levels reduce the need for extra shipments, Platts said.
- Sources report no significant plans for winter spot procurement, citing adequate supply and a strategy to avoid volatile short-term prices.
- China’s domestic gas output rose 6.1% year-on-year to 173.7 Bcm in Jan.–Aug., already meeting full-year targets.
- Pipeline gas flows are also increasing, with imports from Russia’s Power of Siberia expected to rise 29% to nearly 39 Bcm. Total pipeline imports are forecast to grow 11% to 84.6 Bcm.
- Storage remains at 70–80% capacity, with major gas clusters already surpassing 80% of annual injection targets. Even in a colder winter, expanded storage is expected to buffer demand.
- Sanctioned Russian LNG cargoes and low domestic trucked LNG prices—around $10/MMBtu—further weaken interest in spot purchases.
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Historical bullets
SONIA: [Correct] SONIA: Real Component of 10-year SONIA Swap Back Above 100bps
Aug-19 12:55
Corrects 0853BST Gilt Bullet
The real component of the 10-year SONIA swap moved above 100bps for the first time since April 9 yesterday, currently at ~102.5bps. Prior to April 2025, this rate was last above 100bps in October 2022 (i.e. the aftermath of the Truss mini budget crisis).
- With the UK growth outlook still relatively subdued, this is indicative of a rise in term premium - a theme that is present across global core FI curves.
- The 10-year GBP ZC inflation swap has gradually drifted lower since April 2024, last at 3.16%.
- Meanwhile, nominal 10-year SONIA swap rates are just shy of 4.20%, rising alongside Gilt yields in recent sessions to the highest since late May.
- Note: Contains correct chart for breakevens, incorporating swaps
MNI: US REDBOOK: AUG STORE SALES +5.8% V YR AGO MO
Aug-19 12:55
- MNI: US REDBOOK: AUG STORE SALES +5.8% V YR AGO MO
- US REDBOOK: STORE SALES +5.9% WK ENDED AUG 16 V YR AGO WK
BONDS: US Tsys and Gilt Roll Views
Aug-19 12:51
US Treasury and Gilt Rolls Views: This is a repeat, in case missed.
JPM:
- WNA: Mildly Bullish.
- USA: Mildly Bullish.
- UXY: Bearish.
- TYA: Bearish.
- FVA: Mildly Bearish.
- TUA: Neutral.
Barclays:
- WNA: Neutral.
- USA: Bullish.
- UXY: Neutral.
- TYA: Neutral.
- FVA: Bearish.
- TUA: Bearish.
Deutsche:
- USA: Bearish.
- UXY: Bearish.
- TYA: Bearish.
- FVA: Bearish.
- TUA: Bullish.
Gilt View:
- Barclays is mildly Bullish.
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