AMERICAS OIL: Fog Halts Operations at Top US Oil-Exporting Port for Second Day
Jan-30 16:35
Fog Halts Operations at Top US Oil-Exporting Port for Second Day: Bloomberg
- The top crude-exporting terminals in Corpus Christi, Texas, remain shut for the second day amid dense fog, according to a report from Moran Shipping.
- Corpus Christi Ship Channel closed to all traffic since 8:30pm local time Tuesday
- Corpus Christi is home to some of the few terminals able to load supertankers in the US, including Enbridge Ingleside and Gibson Energy’s South Texas Gateway and docks operated by EPIC, Trafigura-backed Buckeye, Mercuria-backed Pin Oak, Energy Transfer and the Plains-Enterprise’s JV Eagle Ford Terminal
- The Houston Ship Channel is open for ships leaving port only; inbound traffic remains closed since Wednesday morning
- HSC gives access to refineries including Pemex Deer Park, Valero Houston, LyondellBasell Houston, Chevron Pasadena and Exxon Baytown and crude-exporting terminals operated by Enterprise, Energy Transfer
- The Galveston/Texas City ship channel resumed all ship movements at 9:30am Thursday after closing Tuesday morning
- Galveston/ Texas ship channel gives access to Marathon Galveston Bay, Valero Texas City refineries and to the crude-exporting docks operated by Texas International Terminals
- The Freeport Harbor Channel reopened to all traffic at 8:45am Thursday after closing early afternoon Wednesday
- Freeport Harbor gives access to the Phillips 66 Sweeny refinery
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US TSYS: Curves Climbing Steeper
Dec-31 16:28
- Tsy curves are climbing steeper ahead midday, long end rates leading a modest sell-off in the last half hour: 2s10s +3.862 at 32.745, 5s30s +1.330 at 40.205.
- The Mar'25 10Y futures contract trades down to 108-27 low (-4), with 10Y yield tapping 4.5649% high (+.0323).
US STOCKS: Early Equities Roundup: Double Digit Gains For 2024
Dec-31 16:19
- Stocks cling to mildly mixed levels in quiet year end trade Tuesday. Though off this year's record highs (SPX Eminis 6178.75, DJIA 45,073.63, Nasdaq 20,204.58) major averages will finish the year with double digit gains: SPX Eminis +19.5%, DJIA +13.1%, while the Nasdaq gained 29.9%!
- Currently, the DJIA trades up 20.69 points (0.05%) at 42594.86, S&P E-Minis down 8 points (-0.13%) at 5951.25, Nasdaq down 52.5 points (-0.3%) at 19435.7.
- Energy and Real Estate sectors outperformed in the first half, oil & gas stocks buoyed the Energy sector as crude prices continued to rise (WTI +0.69 at 71.68): APA Corp +3.12%, Marathon Petroleum +2.52%, Occidental Petroleum +2.15%.
- Shares of specialized and industrial REITs supported the Real Estate sector: Crown Castle and Healthpeak Properties both +1.40%, Weyerhaeuser +1.11%, SBA Communications +1.07%.
- On the flipside, Information Technology and Communication Services shares underperformed early Tuesday, shares of software and semiconductor makers weighed on the tech sector: Crowdstrike Holdings -0.80%, Fortinet -0.63%, Nvidia -0.60%.
- Interactive media and entertainment shares weighed on the Communication Services sector: Live Nation -0.58%, Netflix -0.36%, T-Mobile -0.06%.
- Looking ahead, the next round of quarterly earnings kicks off mid-January with Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs, Citigroup, US Bancorp, M&T Bank and PNC all reporting between January 13-16.
FOREX: EURUSD Now Down 0.4% as Month End Approaches
Dec-31 15:48
- Worth noting the single currency has been under some pressure as we approach the month/year end WMR fixing window. EURUSD has extended session decline to 0.40%, to a fresh weekly low of 1.0361, while EURGBP is also down 0.3% on the session at 0.8268.
- As noted, 1.0335 remains key for EURUSD, the Nov 22 low and a bear trigger.
- For EURGBP, 0.8223 is the next support, the Dec 19 low, before major support at 0.8203.
