LNG: German Regulator Lauds LNG Import Capacity as Ukraine Flows Cease: Platts
Jan-02 11:37
Germany built out its LNG import capacity for “good reason”, the head of the country’s regulator said Jan. 1, following the end of Russian gas transits via Ukraine, Platts reported.
- Germany is seen as an alternative entry point for the supply of gas to the affected countries, mainly Slovakia, Austria, Italy, and Moldova.
- The Austrian regulator, E-Control, said Jan. 1 that supplies to Austrian customers were still secure, with gas entering the country from different routes, including Germany and Italy.
- Germany has deployed four of its six planned FSRUs so far, at Wilhelmshaven, Brunsbüttel, and two at Mukran.
- Two final FSRUs are due for deployment in Q1 at Stade and a second at Wilhelmshaven.
- Germany imported a total of 5m mt (6.9 bcm) of LNG in 2024, 4.6m mt coming from the USA.
- Despite criticism from environmental groups that it deployed too many FSRUs, German authorities argue that having spare capacity ensures supply security and supports other European countries.
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US TSY FUTURES: OI Points To Mix Of Long Cover & Long Setting On Monday
Dec-03 11:34
OI data points to a mix of net long cover through UXY futures and net long setting in US & WN futures on Monday, as the curve twist flattened.
- The net long setting further out the curve provided the largest DV01 equivalent swing in positioning.
| 02-Dec-24 | 29-Nov-24 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,216,163 | 4,220,917 | -4,754 | -188,734 |
FV | 6,078,524 | 6,122,916 | -44,392 | -1,925,049 |
TY | 4,483,428 | 4,517,078 | -33,650 | -2,245,832 |
UXY | 2,161,353 | 2,164,255 | -2,902 | -265,187 |
US | 1,842,529 | 1,816,294 | +26,235 | +3,493,463 |
WN | 1,739,400 | 1,726,095 | +13,305 | +2,753,326 |
|
| Total | -46,158 | +1,621,986 |
ESM ISSUANCE: 3-Month ESM Bill
Dec-03 11:33
| Type | 3-month bills |
| Maturity | Mar 6, 2025 |
| Amount | E1.09bln |
| Target | E1.1bln |
| Previous | E1.1bln |
| Avg yield | 2.817% |
| Previous | 2.817% |
| Bid-to-cover | 4.07x |
| Previous | 4.07x |
| Previous date | Dec 03, 2024 |
OUTLOOK: Price Signal Summary - WTI Support Remains Exposed
Dec-03 11:31
- On the commodity front, Gold is unchanged. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.
- In the oil space, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
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