MIDEAST: GLZ-Israeli Minister & Mossad Head To Meet w/Witkoff Before Iran Talks
Israeli Army Radio (GLZ) reports that, according to an Israeli source, "[PM Benjamin] Netanyahu instructed Minster [of Strategic Affairs Ron] Dermer and the head of the Mossad [David Barnea] to go to talks tomorrow with [US Middle East] envoy [Steve] Witkoff ahead of the next round of talks between the US and Iran - in another attempt to clarify Israel's position."
- As has been widely reported, speculation is rising that Israel could strike Iranian nuclear facilities unilaterally without US involvement or permission. In addition to the US ordering the evacuation of non-essential staff and dependents from its embassy in Baghdad, the US embassy in Jerusalem has now issued a security alert to employees and dependents in Israel, restricting travel outside the greater Tel Aviv area, Jerusalem, and Be’er Sheva areas until further notice, “Due to the increased regional tensions.”
- In response to the passage of an IAEA resolution against Iran (see 'IRAN: IAEA Pass Resolution Declaring Iran Non Compliant, Awaits Tehran Response', 09:39BST), Tehran has informed the IAEA of its intention to launch a new enrichment centre at "a secure location,” and ordered the replacement of old IR-1 centrifuges with advanced IR-6 ones at the Fordow underground nuclear facility.
- Laurence Norman at WSJ posts on X: "The enrichment site step sounds big. But it would take at a minimum many months to build any such thing which gives time for diplomacy. Very unlikely to me they could build one before snapback [October] at earliest. Fordow enrichment step up bigger deal right now."
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EURIBOR OPTIONS: Call fly buyer
ERU5 98.37/98.50/98.62c fly, bought for 1 and 1.25 in 8k.
GILT AUCTION RESULTS: 0.625% Mar-45 Linker
| 0.625% Mar-45 Linker | Previous | |
| Amount | GBP1.00bln | GBP1.00bln |
| Avg yield | 2.235% | 1.732% |
| Bid-to-cover | 3.19x | 3.48x |
| Avg price | 74.300 | 81.274 |
| Pre-auction mid | 74.288 | 80.892 |
| Previous date | 12-Feb-25 |
COMMODITIES: Short-Term Gains for WTI Futures Still Considered Corrective
A downtrend in WTI futures remains intact and short-term gains are considered corrective. For now, the corrective cycle remains in play and price has traded through the 20-day EMA. Key resistance to watch is $63.55, the 50-day EMA, a clear break of this level would highlight a stronger reversal. This would open $66.41, the Apr 4 high. For bears a reversal lower would refocus attention on $54.67, the Apr 9 low and bear trigger. The latest pullback in Gold appears corrective. Key short-term support to watch is $3202.0, the May 1 low. A clear break of this level would undermine the short-term bullish theme and signal scope for a deeper retracement. This would open $3164.3, 61.8% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA is at $3161.0. The medium-term trend condition remains bullish, a reversal would refocus attention on $3500.1, the Apr 22 high and bull trigger.
- WTI Crude up $0.35 or +0.57% at $62.22
- Natural Gas up $0.07 or +1.81% at $3.714
- Gold spot up $18.97 or +0.59% at $3255.99
- Copper up $3.6 or +0.78% at $465.5
- Silver up $0.53 or +1.63% at $33.14
- Platinum up $9.89 or +1.01% at $992.49
