LNG: Exxon Expects FID for Mozambique LNG in 2026
ExxonMobil expects an FID for its Rovuma LNG project in Mozambique in 2026, the company said Nov. 6, cited by Reuters.
- The company had said in May that an FID was expected by year-end 2025.
- The company has made progress on the project despite the ongoing force majeure. Exxon expects the first LNG cargo by 2030.
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MNI: US AUG CONSUMER CREDIT +$8.9B
- MNI: US AUG CONSUMER CREDIT +$8.9B
- US AUG REVOLVING CREDIT -$1.4B
- US AUG NONREVOLVING CREDIT +$10.3B
EURJPY TECHS: Key Resistance Remains Intact For Now
- RES 4: 166.53 High Jul 31
- RES 3: 165.00 Round number resistance
- RES 2: 163.89 High Aug 15 and a reversal trigger
- RES 1: 163.57 High Oct 7
- PRICE: 162.55 @ 16:29 BST Oct 7
- SUP 1: 160.33 20-day EMA
- SUP 2: 158.11/155.15 Low Sep 30 / Low Sep 16
- SUP 3: 154.42 Low Aug 5 and the bear trigger
- SUP 4: 153.87 Low Dec 14 ‘23
EURJPY traded higher this week, resulting in a break above the 50-day EMA of 161.52. Key short-term resistance is unchanged at 163.49, the Sep 27 high (pierced), and 163.89, the Aug 15 high. A clear break of both price points would highlight a potential reversal. For now, trend signals remain bearish and gains are still considered corrective. A resumption of bearish price action would open 154.42, Aug 5 low and the bear trigger.
US FISCAL: FY2024 Deficit Set To Edge Up Vs 2023 In Line With CBO Estimate (1/2)
The final monthly Budget Statement of the last fiscal year is due out Thursday (though unconfirmed, official guidance is that it is out at 2:00 PM on the 8th business day of each month). Early median consensus is for a $21B deficit in the month, after a surprisingly high $380B deficit in August (the largest shortfall in 23 months). That would be only the second monthly surplus this year, after April, coinciding with key tax dates. There is a wide range of estimates though, from -$262B to +$150B, with an average of negative $64B. Recall that September's deficit was $90B larger than consensus expectations.
- The Congressional Budget Office's June fiscal update estimated estimated $4.89T in revenues versus $6.81T of outlays for a deficit of $1.92T for full FY2024 (Oct-Sep). Through the first 11 months of the fiscal year, expenditures have totaled $6.29T and revenues $4.39T for a deficit just under $1.9T.
- A September budget balance close to consensus would leave the 12-month balance at around $1.9T, so not far off the CBO's June forecast.
- MNI's rough calculation is that the deficit as a percentage of GDP will be 6.6% for the full fiscal year, a little below the CBO's 6.7% forecast (and mainly due to slightly stronger-than-anticipated nominal economic growth), up from 6.3% in FY2023.
