OIL: February Urals Supplies to India Trading at Near Record Discounts
Jan-26 13:48
February Urals cargoes traded at close to the widest discounts to Brent in Indian ports since 2022, two sources told Reuters.
- Urals cargoes to be supplied in Feb. traded at discounts of $10/bbl to Brent for delivery in Indian ports, a $3-5/bbl increase from estimates late last year and close to the widest discount on record, the sources said.
- India has cut its oil imports from Moscow in the last two months after US sanctions on Lukoil and Rosneft and amid direct US pressure on India. Sanctions have pushed Russian barrels to China.
- The wide discount offered may attract additional Indian refiners and help to place more barrels with them, one of the sources said.
- However, the source added that New Delhi is looking for alternatives to replace Russian crude.
- US Treasury Secretary Bessent on Friday signalled the potential removal of the additional 25% tariff on India following a sharp reduction in Indian imports of Russian oil.
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US TSYS: Curves Twist Steeper, Quiet Return from Christmas Holiday
Dec-26 2025 20:17
- Treasuries look to finish mixed Friday, curves twisting steeper with 2s-10s holding modestly higher vs. weaker Bonds after the bell.
- Currently, the TYH6 contract trades +2.5 at 112-19 vs. 112-23 early session high, on light post Christmas holiday volume of just over 650,000. 10Y yld near steady at 4.1336%. Key short-term resistance into 112-31, the Dec 18 high.
- Projected rate cut pricing gained vs. late Wednesday levels (*): Jan'26 at -5bp (-3.3bp), Mar'26 at -15.2bp (-12.3bp), Apr'26 at -21bp (-18.1bp), Jun'26 at -35.2bp (-31.1bp).
- US$ index near midrange after bouncing off midmorning lows, Bbg index BBDXY +0.21 at 1200.86
- Mining shares continued to buoy the Materials sector after Gold climbing to new record highs early Friday (4,549.92), trading desks citing an uptick in geopolitical tensions after Pres Trump launched attacks on Isis elements in Nigeria.
- Look Ahead: Monday data sees Pending Home Sales MoM (1000ET), Dallas Fed Mfg Activity (1030). COMC minutes for the December meeting to be released at 1400ET Tuesday.
US STOCKS: Late Equities Roundup: Miners Outperform as Gold Hits Record High
Dec-26 2025 19:58
- Stocks hold near steady (SPX Eminis & Nasdaq) to weaker for the DJIA late Friday. Currently, the DJIA trades down 81.36 points (-0.17%) at 48652.31, S&P E-Mini Futures down 4.5 points (-0.06%) at 6978.5, Nasdaq up 16.4 points (0.1%) at 23629.91.
- Materials, Information Technology and Health Care sector shares led advances in late trade. Miners continued to buoy the Materials sector after Gold climbing to new record highs early Friday (4,549.92), trading desks citing an uptick in geopolitical tensions after Pres Trump launched attacks on Isis elements in Nigeria.
- Freeport-McMoRan +1.77%, Smurfit WestRock +1.14%, Newmont +0.78% and LyondellBasell Industries +0.72%.
- NVIDIA +1.88%, Crowdstrike Holdings +0.97%, Lam Research +0.94% and Dell Technologies +0.85%.
- Elevance Health +1.21%, Viatris +0.78%, UnitedHealth Group +0.71% and Baxter International +0.65%.
- Conversely, Energy sector and Utilities/Industrials shares led declines in the second half:
- Devon Energy -2.04%, APA Corp -1.64%, Diamondback Energy -1.23% and Occidental Petroleum -1.20%.
- Edison International -1.31%, Constellation Energy -1.29%, American Water Works -0.69% and Alliant Energy -0.61%.
- Huntington Ingalls Industries -1.18%, General Dynamics -1.08%, Axon Enterprise -1.07% and Northrop Grumman -1.06%.
US TSY OPTIONS: Apr'26 10Y Vol Sale
Dec-26 2025 19:26
- -4,500 TYJ6 112/113 strangles, 134
