LNG: Japan Utilities LNG Stocks Surge Above Normal
LNG stockpiles held by Japanese utilities rose by 13.8% on the week to Nov. 16 to 2.23m tons, according to trade ministry data.
- Stocks have risen above the five-year average for the end of October of 2.03m tons and 2.05m tons at the end of November.
- Stockpiles were 2.20m tons around this time in 2024 and around 2.47m tons in 2023.
- LNG deliveries to Japan rose by 0.56m tons in the week to Nov. 16 to 1.58m tons, according to BNEF, but cumulative monthly deliveries so far in November are about 0.1m tons less than last year.
- The 30-day moving average of Japan’s daily LNG imports have recovered from a low of 172k tons on Nov. 10 to 188k tons on Nov. 17, Bloomberg vessel tracking shows.
- The No. 6 reactor at the Kashiwazaki Kariwa nuclear power plant has been approved for restart by Masahiro Sakurai, the mayor of Kashiwazaki, Bloomberg said. Nuclear power plays an important role in cutting Japan’s reliance on fossil fuels, he said.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: BNP Paribas Losses Lead French Underperformance
- European cash equities are higher across the board, however France are the exception. Banks were trading heavy through the open on the S&P downgrade on Friday, however losses have accelerated for BNP Paribas (shares halted for volatility, last lower by near 8%) as last week's jury ruling against BNP Paribas could set a large legal precedent and sizeable settlement costs for the bank.
- A New York Jury on Friday fouund the bank "complicit in Sudan atrocities", leading to the award of $21mln for 3 plaintiffs. While the fine size is insignificant at this stage, a Bloomberg intelligence article has extrapolated the fine to a potential class action bill of $150bln, although a settlement of nearer to $10bn is more likely.
- Futures markets in the US remain higher and point to a higher open on Wall Street later today.
JAPAN: LDP & Ishin Sign Coalition Agreement Forming New Gov't
The governing Liberal Democratic Party (LDP) and libertarian-federalist Japan Innovation Party (Ishin) have signed a coalition agreement that sets the stage for a new gov't, and LDP President Sanae Takaichi's election as prime minister on 21 Oct. Takaichi is certain to succeed the outgoing Shigeru Ishiba and become Japan’s first-ever female prime minister after reaching an agreement Ishin. While the two parties do not command a majority in either the House of Representatives or the House of Councillors, the main opposition parties will not be able to exceed the combined LDP-Ishin vote in either chamber.
- The agreement will see Ishin become part of a minority coalition with the LDP, the former’s first time in government and for the latter a new governing partner after breaking a 26-year partnership with Komeito. Countering earlier reports, Ishin is not set to take Cabinet offices immediately, but has gained concessions on the temporary abolition of consumption tax on food, a reduction of seats in the House of Representatives, and a ban on corporate political donations. The Diet’s plenary session gets underway at 13:00JST (00:00ET, 05:00BST, 06:00CET) on 21 Oct.
EQUITY OPTIONS: Commerzbank downside Put Spread
CBK (19th Dec) 27/24ps, bought for 0.46 in 10k.
