LNG: Finland Aims to Enforce Russia LNG Ban in Spring 2025
Finland hopes to enforce a ban on Russian LNG in spring 2025 after proposing the legislation this winter, according to ICIS citing Finland’s government.
- Finland would be first to use an EU option to unilaterally ban Russian gas and LNG.
- “The legislative proposal on banning Russian gas is due winter 2024-2025 …most likely early 2025,” said Riku Huttunen, Director General of the Energy Department at the Ministry of Economic Affairs and Employment. “After that the ban might be in force in spring 2025.”
- Finland’s Inkoo LNG import terminal already effectively bans Russian LNG due to the terminal’s rules of operation, but Russian LNG is still imported under long-term agreements at the small Pori and Tornio terminals which are not connected to Finland’s gas grid.
- “The LNG market is quite liquid at the moment, so I expect no difficulties in replacing the small amounts of Russian LNG still used in Finland,” said Huttunen.
- “Currently, the most important suppliers to the Finnish-Baltic gas market are Norway and the US.”
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JGB TECHS: (M4) Remains Above Key Support
- RES 3: 148.74 - High Jul 24
- RES 2: 147.74 - High Jan 15 and bull trigger
- RES 1: 145.95 - High Mar 25 1
- PRICE: 144.21 @ 16:18 BST May 10
- SUP 1: 143.61 - Low Apr 25
- SUP 2: 143.44 - Low Oct 31 (cont) and the bear trigger
- SUP 3: 141.65 - 1.00 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing
A bear trend in JGB futures remains intact, despite a corrective bounce this week. The contract is for now trading above key support and bear trigger at 143.44, the Nov 1 low. A stronger reversal higher is required to signal the end of the recent downward phase. Key resistance is at 145.95, the Mar 28 high. A break would signal scope for a climb towards the bull trigger at 147.74, the mid-January high. On the downside, a move through 143.44 would strengthen a bearish condition.
AUSSIE 10-YEAR TECHS: (M4) Trend Needle Continues To Point South
- RES 3: 96.207 - 61.8% of the Mar 14 - Nov 1 ‘23 bear leg
- RES 2: 96.110 - High Dec 28 and the bull trigger
- RES 1: 95.800 - High Apr 19
- PRICE: 95.630 @ 16:16 BST May 10
- SUP 1: 95.235 - 76.4% retracement of the Nov - Dec ‘23 rally
- SUP 2: 94.965 - Low Oct 31 ‘23
- SUP 3: 94.866 - 2.618 proj of the Dec 28 - Jan 19 - Feb 2 price swing
A bearish cycle in Aussie 10yr futures remains in play, despite the corrective bounce on the RBA decision. Any return lower would signal scope for a move towards 95.235, a Fibonacci retracement point on the continuation chart. Key short-term resistance has been defined at 95.800, the Apr 19 high. A break would highlight a possible reversal and signal scope for a climb towards 96.110, the Dec 28 high.
USDCAD TECHS: Bullish Trend Structure
- RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 1: 1.3785 High Apr 30
- PRICE: 1.3662 @ 16:27 BST May 10
- SUP 1: 1.3634 50-day EMA
- SUP 2: 1.3610 Low May 3
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
A bullish trend condition in USDCAD remains intact for now, despite Thursday’s weakness. Key support to watch is 1.3634, the 50-day EMA. This average was pierced last Friday, but remains intact as a support, for now. A continuation higher would expose the key resistance and bull trigger at 1.3846, the Apr 16 high. Note that moving average studies are in a bull-mode position, highlighting an uptrend.
