OIL: ExxonMobil Plans to Close UK Ethylene Plant
Nov-20 16:58
Earlier this week the UK government stated it would not provide financial support to Exxon to keep the Fife Mossmorran Ethylene plant open.
- Exxon’s website lists the facility as having 800,000 MT per year of production, which equates to ~37 kb/d.
- The facility is expected to shutter in February 2025.
- BBC reporting stated ExxonMobil’s chairman said the plant was inefficient and would require 1 billion pounds to make profitable again, and the Business Minister stated there was no realistic business plan to go with investment.
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OPTIONS: Upside Lean Remains Across European Rate Options Tuesday
Oct-21 16:52
Tuesday's Europe rates/bond options flow included:
- DUZ5 107.40/107.50cs, sold at 1.25 in 10k
- RXF6 128.50p, bought for 32 in 3.4k
- ERH6 98.00/98.0625/98.125/98.1875 call condor, paper pays 0.5 in 2.25k
- ERH6 98.125/98.25cs vs ERZ5 98.0625/98.1875cs, bought for 2 in 1.5k
- ERJ6 98.25/98.43/98.62c fly, bought for 2.25 in 5k
- ERM6/ERZ5 97.9375p calendar spread, bought for 1.75 in 4k
- ERU6 98.50/75 1x1.5 call spread, paper pays 1.0 for 5k
- 0RH6 98.25/98.50/98.75c fly, bought for 2.5 in 5k
- SFIG6 96.40/96.55cs 1x1.5, bought for 2.5 in 3k
- SFIH6 96.50/96.55cs, bought for 1.25 in 2k
BONDS: EGBs-GILTS CASH CLOSE: Light Bull Flattening Ahead Of UK CPI
Oct-21 16:45
European long-end yields fell slightly Tuesday, with UK CPI data looming.
- The highlight of the session was the release of UK September public finance data which showed a slightly lower-than-expected public sector net borrowing figure plus downward revision to August.
- That saw the UK yield curve bull flatten, mirrored across EGBs, and accelerating in mid-afternoon after US President Trump said on social media that there was a possibility of allies potentially "going into Gaza with a heavy force".
- The German curve bull flattened, with the UK's twist flattening.
- Periphery/semi-core EGB spreads closed slightly wider.
- Wednesday's scheduled highlight is the UK inflation data release - MNI's preview is here. As we note in the preview, despite some BOE MPC members appearing to have more entrenched views, we think that this data release will have huge importance for the prospects for a Q4 cut.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is unchanged at 1.908%, 5-Yr is down 1.3bps at 2.155%, 10-Yr is down 2.5bps at 2.552%, and 30-Yr is down 3.6bps at 3.128%.
- UK: The 2-Yr yield is up 0.4bps at 3.858%, 5-Yr is down 0.9bps at 3.944%, 10-Yr is down 2.7bps at 4.478%, and 30-Yr is down 4.3bps at 5.266%.
- Italian BTP spread up 0.3bps at 79.2bps / French OAT up 0.7bps at 79.2bps
SOFR OPTIONS: Dec'25 SOFR Call Condor Sale
Oct-21 16:40
- -5,000 SFRZ5 96.25/96.37/96.50/96.62 call condors, 7.25 vs. 96.37/0.10%
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