LNG: Tortue LNG Project Expecting First Cargo at Beginning of 2025
Nov-06 11:23
BP Greater Tortue Ahmeyim LNG project, located offshore Senegal and Mauritania, is expecting the first cargo at the “beginning of next year,” according to Deputy Energy Minister Cheikh Niane cited by Bloomberg.
- The project is “on track” and the first gas extraction is expected this year.
- The project was initially scheduled to come online last year but had been delayed several times, partly due to pipeline construction issues.
- President Bassirou Diomaye Faye has vowed to review all oil and gas contracts to potentially get better terms for Senegal.
- A final investment decision is expected by next year for Yakaar-Teranga, which is solely owned by Senegal, according to the deputy minister. Kosmos Energy is working to find a partner for the project.
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SONIA: Call fly seller
Oct-07 11:08
ERX4 97.12/97.25/97.37c fly, sold from 3.25 down to 2.5 in 10.5k total.
CROSS ASSET: Bonds hovers at session lows.
Oct-07 11:02
- The British Pound extends further losses against the Dollar, Cable is now slowly clearing Friday's low, with the next support area now coming at 1.3002.
- GBP has taken over the Kiwi as the worst performer against the Dollar in G10s.
- And worth keeping an eye on Govies here, Bund, Tnotes and Gilt are making another attempt at the Next Yield levels.
US TSYS: Large Bear Flattening Extends With 2s10s Tilting Inverted
Oct-07 10:56
- Treasuries have seen an extension of Friday’s beat flattening pressure in a combination of overseas reaction to the strong payrolls report plus sharp increase in oil futures.
- Cash yields are 2bp (30s) to 8.8bps (2s) higher, with 2Y yields breaching 4.00% for the first time since Aug 23, currently 4.01%.
- 2s10s has dropped to -0.2bps (-4.3bp) having been close to 15bp prior to payrolls and seen ytd highs of 24bp earlier in September.
- It was last more notably inverted prior to the August payrolls report on Sep 6.
- TYZ4 sits at 112-17+ (- 09+) close to earlier lows of 112-16+ on heavy volumes of 580k. Recent moves have undermined a prior bullish theme and highlight potential for a continuation lower with support at 112-14+ (38.2% retrace of Apr – Sep bull cycle) before a round 112-00.
- Data: Consumer credit Aug (1500ET)
- Fedspeak: Gov. Bowman in banking Q&A (1300ET), Kashkari in Q&A (1350ET), Bostic moderates Q&A (1800ET), Musalem speaks on the economy and policy (1830ET, incl text).
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