NATGAS: Gas Summary at European Close: TTF Falls
Aug-15 15:30
European gas prices remain under pressure on steady imports, building storage and cooler weather. Focus also remains on the outcome of today’s Trump/Putin meet.
- TTF SEP 25 down 3.4% at 31.05€/MWh
- LNG flows to Northwest Europe on Aug. 12 were 164.86 mcm/d, 7.5% lower than the 30-day average.
- European gas storage was 73% full on Aug. 13 vs the 5-yr seasonal norm of 80% for this time of year according to GIE.
- Norwegian nominated flows to the UK and Northwest Europe terminals at 320.70 mcm/d vs 5-day moving avg 323.70 mcm/d according to Gassco.
- Temperatures in NW Europe are forecast to gradually cool over the coming week and back near to seasonal normal levels from around Aug. 21.
- Gas-fired powergen surged by near 2.5 times in key Northwest European markets as the sizzling heatwave puts pressure on the European power system and increased the call on flexible gas-fired powergen assets, according to the IEA’s Greg Molnar.
- German natural gas consumption in the week to Aug 10 fell by 1.8% on the week and was 20.8% below the 2018-21 average, Bnetza data showed.
- Indonesia’s state-owned Gas Negra is speeding up efforts to get additional gas and LNG allocations amid supply disruptions, Bloomberg said.
- DET will start commercial operations at its second floating LNG import facility in Wilhelmshaven on Ag. 29, following full commissioning of the Excelsior FSRU Platts said.
- Centrica has signed a 10-year natural gas supply deal with US producer Devon Energy, starting in 2028, Platts said
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OPTIONS: Expiries for Jul17 NY cut 1000ET (Source DTCC)
Jul-16 15:29
- EUR/USD: $1.1500-10(E1.9bln), $1.1525-40(E1.1bln), $1.1585-00(E1.3bln), $1.1600(E1.1bln), $1.1650-55(E1.1bln) $1.1700(E1.4bln), $1.1750-70(E1.4bln);
- USD/JPY: Y147.00($1.0bln), Y148.00($704mln), Y148.95-00($1.7bln)
- GBP/USD: $1.3425(Gbp500mln), $1.3445-60(Gbp1.2bln)
- EUR/JPY: Y171.00-20(E930mln)
- USD/CNY: Cny7.1691-05($549mln)
FED: Bloomberg: Trump Likely To Fire Powell Soon, Says White House Official
Jul-16 15:17
BBG reports: *TRUMP LIKELY TO FIRE POWELL SOON, WHITE HOUSE OFFICIAL SAYS" -bbg
- Follows earlier CBS report. BBG: "President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon, a White House official said, and discussed the possible move in a meeting with congressional Republicans on Tuesday night."
US: Odds Of Trump Firing Powell Spikes After CBS Highlights White House Meeting
Jul-16 15:17
The implied probability of President Donald Trump firing Fed Chair Jerome Powell spiked to 30% in the last few minutes, after CBS highlighted comments made during a closed-door meeting yesterday.
- While Trump has repeatedly applied pressure on Powell, in an apparent effort to force him to resign, there hasn't been an obvious route for removing Powell from office before May 2026. AP notes the Supreme Court signaled Trump doesn’t have the authority to remove Powell over an interest rate disagreement.
- Trump officials recently hinted that they could use an alleged misuse of funds during a renovation project at Fed premises as a justification for dismissal.
- Trump told reporters yesterday Powell is spending $2.5B "to build a little extension onto the Fed.” Trump said when asked if that was a fireable offence: “I think it sort of is,” per CNN.
- Axios notes that OMB Director Vought sent Powell a letter on July 10, giving him seven business days to respond to allegations, potentially giving Trump time to attempt action before the next Fed meeting, on July 29.
- NEC director Kevin Hassett, one of the favourites to replace Powell, told reporters on Sunday that Trump is “looking into” whether the renovations provide authority to fire Powell.
- Deutsche Bank warned Friday that investors are overlooking the risk of Trump removing Powell, per Business Insider, describing it as, "the market's most underestimated risk”.
Figure 1: Will Trump Fire Fed Chair Powell in 2025
Source: Polymarket
