REFINING: Citgo Lake Charles Refinery Multiunit Turnaround from Feb to Apr
Jan-25 13:12
Citgo’s 455kb/d Lake Charles refinery in southwest Louisiana is to start a multiunit turnaround beginning in late February according to Bloomberg sources.
- The staggered maintenance, with units shutting and restarting at different times, is expected to continue until the fourth week of April.
- One of three fluid catalytic crackers, the 50kb/d FCC-A, will be offline from late February through to late April.
- The turnaround includes works on two reformers, a naphtha hydrotreater and Crude Topper C and one of four crude distillation units.
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STIR: Repo Reference Rates
Dec-26 13:07
- Secured Overnight Financing Rate (SOFR): 5.32% (+0.01), volume: $1.667T
- Broad General Collateral Rate (BGCR): 5.30% (+0.00), volume: $631B
- Tri-Party General Collateral Rate (TGCR): 5.30% (+0.00), volume: $620B
- (rate, volume levels reflect prior session)
US TSYS: Picking Up Where Rates Left Off
Dec-26 12:11
- Cash Tsys firmer as US markets return from Christmas holiday, quiet overnight with European markets closed for Boxing Day.
- Tsys inside relatively narrow overnight range and near Friday's close. March'24 10Y futures (TYH4) currently +2.5 at 112-21.5 vs. 112-24 intraday high, very light volume at just over 38k. Initial technical resistance above at 113-04.5 (Dec 21 high), followed by 113-12+, a Fibonacci projection point. Key short-term support is at 109-31+, the Dec 11 low. Initial firm support is at 111-09+, the Dec 7 high.
- Projected rate cuts for early 2024 holding steady to mildly softer vs. Friday with short end futures weaker: January 2024 cumulative -3.5bp at 5.293%, March 2024 chance of rate cut -86.3% vs. -90.1% late Friday w/ cumulative of -25.1bp at 5.077%, May 2024 pricing in slightly more than 25bp cut with cumulative -52.4bp at 4.804%, June'24 cumulative -79.5bp at 4.532%. Fed terminal at 5.325% in Jan'24.
- Tuesday Data Calendar: Chicago Fed Nat Activity and Philadelphia Fed Non-Mfg Activity indexes scheduled at 0830ET followed by Dallas Fed Mfg Activity at 1030ET. FHFA House Price Index data at 0900ET. Busy day for US Treasury supply with $75B 13W and $68B 26W Bill auctions at 1130ET; $57B 2Y Note and $44B 52W Bill auctions at 1300ET.
- No scheduled Fed speakers; Congress closed for the holidays.
LOOK AHEAD: Tuesday Data Calendar: Chicago, Philly Fed Indexes, Home Prices
Dec-26 11:23
- US Data/Speaker Calendar (prior, estimate)
- Dec-26 0830 Chicago Fed Nat Activity Index (-0.49, --)
- Dec-26 0830 Philadelphia Fed Non-Mfg Activity (-11.0, -)
- Dec-26 0900 FHFA House Price Index MoM (0.6%, 0.5%)
- Dec-26 0900 S&P CoreLogic CS 20-City MoM SA (0.67%, 0.60%)
- Dec-26 0900 S&P CoreLogic CS 20-City YoY NSA (3.92%, 4.85%)
- Dec-26 0900 S&P CoreLogic CS US HPI YoY NSA (3.93%, --)
- Dec-26 1030 Dallas Fed Manf. Activity (-19.9, --)
- Dec-26 1130 US Tsy $75B 13W, $68B 26W Bill auctions
- Dec-26 1300 US Tsy $57B 2Y Note and $44B 52W Bill auctions
