ENERGY: Further Trump Comments on Russia Negotiations

• -4,000 SFRH6/0QH6 98.00 call spds, 0.75 midcurve over
• -5,000 SFRZ5 95.37/95.50/95.87 1x call flys, 6.25 vs. 96.59/0.17%
• Block/screen, -12,000 SFRN5 96.50/97.00 call spds, 7.0 ref 92.265
• -2,000 SFRZ5 98.00/99.00 call spds, 4.5

• Date $MM Issuer (Priced *, Launch #)
• 04/28 $Benchmark Alphabet 4pt 5Y +32, 10Y +47, 30Y +62, 40Y +70; also in Euro: 4Y, 8Y, 12Y, 20Y and 29Y. 
• 04/28 $1.125B #Consumer Energy $500M +5Y +67, $625M 10Y +87
• 04/28 $1.1B #Northern States Power $600M 10Y +83, $500M 30Y +98
• 04/28 $700M #Posco Holdings $400M 5Y +137.5, $300M 10Y +157.5
• 04/28 $700M *Kookmin Bank $400M 3Y +77.5, $300M 5Y +82.5
• 04/28 $Benchmark Keurig Dr Pepper 1.5Y SOFR+58, 3Y +68, 5Y +83, 10Y +98
• 04/28 $Benchmark Philip Morris 3Y +58, 3Y SOFR, 5Y +75, 10Y +93
• 04/28 $Benchmark CBRE Services 5Y +120, 10Y +135
• 04/28 $Benchmark Procter & Gamble 5Y +55a, 10Y +70a
• 04/28 $Benchmark General Dynamics 10Y +110a
• 04/28 $Benchmark World Bank 3Y +38a, 7Y +57a
• 04/28 $Benchmark Colgate Palmolive 5Y +60a
• 04/28 $Benchmark DR Horton +5Y +130a
• 04/28 $Benchmark Goldman Sachs investor calls
• Expected Tuesday
• 04/29 $Benchmark KFW 5Y SOFR+45a
• 04/29 $Benchmark Swedish Export Credit Corp 3Y SOFR+48a

Spot Gold has recovered well through the European afternoon, with the USD faltering and global equity futures rolling over. Gold is now +0.4% on the session at $3330/oz. The move away from the April 22 all-time high of $3,500.10 is considered corrective and has allowed an overbought condition to unwind. With the positioning backdrop also cleaner, gold stands to benefit well from any re-intensification of tariff or geopolitical tensions. 

• Although US Treasury Secretary Scott Bessent has issued a statement on social media touting "substantive movement" towards trade deals with India, South Korea, and Japan, underlying uncertainty surrounding any US policy action in the current environment remains high.
• Key support in Gold remains the 20-day EMA at $3219.4, with shallower pullbacks considered corrective.
• The latest CFTC COT report, covering data up to April 22, indicated a 27k pullback in non-commercial net longs – a function of both reduced long contracts and increased shorts.  Net longs now stand at 175k contracts, with MNI’s 52-week Z score at a multi-year low of -2.6.