REFINING: Fire at Valero’s Three Rivers Refinery Extinguished
Jan-02 13:07
A large fire at Valero’s 89kb/d Three Rivers refinery in Texas was extinguished on the evening of Jan. 1, according to local media.
- The extent of any damage and cause of the fire is still unknown.
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EGBS: J.P.Morgan Remain Cautious On OATs, Eye Spill Over To Deploy Carry Plays
Dec-03 13:07
J.P.Morgan the latest to note that they maintain a cautious stance on OATs.
- They continue to “recommend 5s/10s OAT steepeners vs. Bunds as a low-beta hedge against further disruptive French budget/political tail risk scenarios.”
- Still, they believe that “the low risk of a French government shutdown and what we see as a still broadly constructive outlook for Euro rates outside France should help limit any material widening of French spreads” (from here).
- They also suggest that “the ongoing political developments remain an idiosyncratic story with limited systemic risks. Therefore, any material widening of intra-EMU (ex-OAT) spreads on the back of French uncertainty could be an attractive opportunity to scale in overweight carry exposures.”
GILT PAOF RESULTS: GBP562.5mln of the 4.375% Jul-54 Gilt sold.
Dec-03 13:03
- GBP562.5mln had been available.
- This leaves GBP23.829bln of the gilt on issue.
STIR: Dec'24 SOFR Rate Cut Play in Action
Dec-03 12:56
- Relatively cheap short-term upside rate cut play that expires next week Friday - before the FOMC policy annc on December 18:
- +14,000 SFRZ4 95.68/95.75 call spds, 0.5 ref 95.605/0.06%
- Incidentally, Block buyer a few minutes later:
- +4,000 SFRZ4 95.585 (+0.030), turned the post-time offer at 0736:33ET bid.
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