REFINING: Japan’s Eneos Plans CDU Maintenance at Sakai Refinery from Mid-May
Japan’s Eneos Holdings plans maintenance at the sole crude distillation unit at its Sakai refinery from mid-May to early July, according to a spokesperson cited by Bloomberg.
- Eneos is scheduled to restart the No. 3 CDU at the Mizushima B refinery in late May, following planned works which started Feb. 26.
- Mizushima B shut the No. 2 CDU on April 24 due to an unplanned outage.
- One of two CDUs at the Kawasaki refinery was also shut on April 21 due to an unplanned outage.
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EGB OPTIONS: RXK5 125.00 Puts Lifted
RXK5 125.00 puts paper paid 7.5 on 5K.
EGBS: Bunds Don't Close Opening Gap Higher As Pullback Eases
Pullback from highs in EGBs comes to a halt as the recovery from lows in equity index futures doesn’t garner much further momentum.
- Elsewhere, note that the regional level German CPI data points to a roughly in line-with-expected national CPI reading (detailed in previous bullets).
- Bund futures have failed to close the opening gap higher on the move off highs, last 129.21 vs. pullback lows of 129.04. Cash yields 3-4bp lower, 5s now outperform on the German curve.
- EGB spreads to Bunds little changed to 1.5bp wider on the day.
OPTIONS: EUR Sees Sizeable Expiry Interest Against Both GBP, USD
Spot EUR/USD remains pinned between two relatively decently sized expiries rolling off at the cut today: $1.0800(E957mln), $1.0875-90(E672mln), which could contain range barring any major German inflation surprise or renewed tariff risk from Trump today.
USD/JPY, meanwhile, sees $868mln rolling off at Y150.00 and EUR/GBP with E1.1bln layered between 0.8360-70.
- AUD/USD: $0.6300(A$542mln)
- USD/CNY: Cny7.2800($915mln)
