REFINING: Lindsay Refinery May Cease Operations in Coming Days

• RES 4: 112-04+ High May 2 
• RES 3: 111-25   High May 7  
• RES 2: 111-05+ High May 9  
• RES 1: 111-02   High May 30, Jun 2 & 4
• PRICE:‌‌ 111-00 @ 16:38 BST Jun 4
• SUP 1: 109-26/12+ Low May 29 / 22 and the bear trigger 
• SUP 2: 109-09+ Low Apr 11 and key support
• SUP 3: 109-00   Round number support 
• SUP 4: 108-25+ 0.764 proj of the Apr 7 - 11 - May 1 price swing

Treasury futures are holding on to the bulk of their recent gains. A dominant bear cycle remains in play for now, and recent gains still appear corrective. However, the contract has breached an important resistance at 110-23, the May 16 high. A clear breach of this level would undermine a bear theme and highlight a stronger reversal, exposing 111-05+, May 9 high. For bears, a resumption of weakness would refocus attention on 109-12+, May 22 low.

• over 13,400 FVN5 108.25 puts 24.5 ref 108-10.75
• 3,000 TYN5 107.5/109/110 1x3x1 broken put flys ref 111-01
• 1,200 USN5/USQ5 120 call spds 18 ref 113-08
• +30,000 TYN5 108 puts, 2
• +10,000 FVN5 109.5 calls, 4.5

• US TSY 17W BILL AUCTION: HIGH 4.205%(ALLOT 13.84%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 33.76% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 4.02% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 62.22% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 3.13