NATGAS: Leviathan Gas Supply Deal Potential ‘Game Changer’ For Egypt: Platts
Aug-08 18:09
Egypt’s natural gas supply agreement for 130 Bcm over 15 years with partners in Israel’s Leviathan field, could be transformative, offering both significant volumes and long-term stability, Platts said.
- This comes as Egypt faces declining domestic output and rising LNG import needs.
- The new arrangement will eventually replace the current 2019 deal for 60 Bcm, which ends in the early 2030s.
- Since early 2025, Egypt’s LNG imports have surged to 3.67m mt, up sharply from 2024 levels.
- The Leviathan flows, expected to start in the first half of 2026, could cut LNG demand by 1–2 Bcm that year alone, according to Platts.
- Market observers highlight the benefits of diversifying away from short-term LNG contracts, giving Egypt greater flexibility and potential cost savings. Lower regional LNG prices strengthen this advantage.
- The deal reflects Egypt’s intent to balance LNG and pipeline gas in its portfolio while reducing exposure to volatile spot markets, Platts said.
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US TSYS: June FOMC Minutes React
Jul-09 18:04
- Treasury futures holding near recent session highs after June FOMC minutes released - relating risk of persistent tariff-related inflation pass through.
- Currently, Sep'25 10Y trades +13 at 111-06 (110-23.5L / 111-07.5H), resistance to watch is at 111-28, the Jul 3 high.
- Curves mixed: 2s10s -2.470 at 47.984; 5s30s +0.465 at 95.648.
- USD mildly higher, Bbg index BBDXY +0.47 at 1197.11 vs. 1195.65 high.
FED: Instant Answers: Well Positioned To Wait For More Clarity - Minutes
Jul-09 18:00
- Did any participant mention a potential scenario where rates would need to rise from current levels? NO. "Regarding upside risks to inflation, participants noted that, if the imposition of tariffs were to generate a larger-than-expected increase in inflation, if such an increase in inflation were to be more persistent than anticipated, or if a notable increase in medium- or longer-term inflation expectations were to occur, then it would be appropriate to maintain a more restrictive stance of monetary policy than would otherwise be the case, especially if labor market conditions and economic activity remained solid."
- Did staff or participants discuss the idea of lowering the ON RRP rate relative to the fed funds rate? NO
- Did any participant mention changing the IORB rate independently of changes to the fed funds rate? NO
MNI: FED MINUTES: WELL POSITIONED TO WAIT FOR CLARITY
Jul-09 18:00
- MNI: FED MINUTES: WELL POSITIONED TO WAIT FOR CLARITY
- FED: MOST OFFICIALS SEE 'SOME REDUCTION' IN RATES BY DEC
- FED: TARIFF INFLATION BOOST MAY BE TEMPORARY, MODEST
- FED: 'A COUPLE' OFFICIALS COULD SEE CUT AS SOON AS JULY
- FED: COULD MAINTAIN MORE RESTRICTIVE POLICY IF NEEDED
- FED: TO DISCUSS SEP, SCENARIOS AFTER FRAMEWORK REVIEW
