LNG: LNG Stocks at Japan Utilities Fell 3.3% Last Week
Apr-30 09:25
LNG stockpiles held by Japanese utilities fell by 3.3% on the week to April 27 to 2.05m tons, according to data released by the trade ministry cited by Bloomberg.
- Stocks have fallen below levels seen a year ago and are below the average for the end of April of 2.14m tons.
- Stockpiles were 2.13m tons around this time in 2024 and around 2.44m tons in 2023.
- LNG deliveries to Japan rebounded 0.18m tons in the week to April 27 to 1.24m tons, according to BNEF, while cumulative monthly deliveries so far this month were just above ago levels.
- Japanese LNG importers are closely watching the upcoming election in Australia, with concerns that Australia’s LNG supply could become less reliable and more costly, Reuters reports. Buyers say they may turn to other suppliers to reduce offtake risks.
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ITALY DATA: HICP Surprises to the Upside; EZ HICP Still Tracking Marginally Soft
Mar-31 09:22
- Italy HICP surprised to the upside coming in a 2.1%Y/Y - but we note the Bloomberg consensus was 2.0%Y/Y while Reuters consensus was 1.8%Y/Y - so there is a bit of a disparity between the size of the surprise here, depending upon which survey you follow.
- Assuming that Dutch and German HICP come in in line with consensus and there are no big changes to the Y/Y rates of Austria, Ireland and Portugal (the former two out at 11:00BST) we see the EZ print tracking at broadly 2.1-2.2%. The Bloomberg median is at 2.2% - but there are more analysts forecasting 2.3%Y/Y than 2.1%, so there may be some very modest downside risks.
- Looking more at Italian HICP, core under the Eurostat definition (ex energy, food, alcohol and tobacco) came in at 1.8%Y/Y (1.5% prior) while under the Istat definition of ex energy and unprocessed food, it rose from 1.8%Y/Y to 1.9%Y/Y.
- Services rose 2.7%Y/Y in March (2.6% in February) with energy increasing 3.3%Y/Y (0.6% prior), "food, alcohol and tobacco" 2.7%Y/Y (from 2.4%) and core goods (non-energy industrial goods) increasing 0.5%Y/Y (versus a 0.1%Y/Y decline in February).
- Istat notes that core goods prices were boosted by the end of winter sales of clothing and footwear (which rose 1.3%Y/Y in March versus -0.6%Y/Y in February).
SWAPS: German Long End ASWs Unwind All Of Early March Move Lower
Mar-31 09:07
Modest widening in German ASWs this morning given the risk-off price action detailed elsewhere, spreads across the curve ~0.2-0.5bp wider vs. 3-month Euribor.
- Note that Bund and Buxl spreads have unwound effectively all the sell off that followed the announcement that initially indicated the surprise, expedited debt-brake tweak and related fiscal loosening.
- The combination of a lack of an immediate shift higher in German issuance, already short positioning in ASWs and U.S. tariff risks has countered the initial move lower in ASW spreads and does present risks to any fresh move lower in long end spreads in the immediate term.
- Still, fundamentals appear to continue to screen bearish for long end spreads over the medium-term.
MNI: ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
Mar-31 09:03
- ITALY MAR FLASH HICP +1.6% M/M, +2.1% Y/Y
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