LNG: Malaysia LNG Restored Normal Operations: Platts
Apr-30 12:55
Malaysia LNG, a Petronas subsidiary, has restored normal operations at its Bintulu LNG complex after technical issues disrupted production earlier in April, sources told Platts April 30.
- The outages affected LNG trains at the Satu and Dua projects, leading to the cancellation of 4-5 April cargoes.
- Operations have since recovered, with 10 cargoes loaded and departed from the MLNG plants in the past week, Platts added.
- On April 30, 10 LNG carriers were anchored offshore Bintulu, with two berthed, including the Seri Camellia and Lagenda Serenity.
- The Bintulu complex, with a capacity of nearly 30m mtpa, comprises nine trains across MLNG Satu, Dua, Tiga, and a Petronas-operated train.
- A major scheduled maintenance is set for April 30-May 29, impacting MLNG, Petronas Carigali’s Bintulu Integrated Facilities, and Asean Bintulu Fertiliser.
- Sources told Platts that they expect minimal disruption, with no cancellations reported for May and June cargoes.
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CANADA: Goldman Sachs Lower USDCAD Forecasts
Mar-31 12:50
- On the other hand, Goldman Sachs have noted the slightly firmer CAD across March and indicate a couple of factors behind their decision to trim the upside in their USDCAD forecasts. First, tariff focus has shifted away from Canada and towards other regions, probably rightly so given the potential protections under USMCA. Secondly, markets have grown more optimistic on fiscal spending in Canada, alongside investors also turning more hopeful on the ability for the Canadian government to negotiate with the US under a new PM.
- While GS believe the balance of risks to the local currency continues to lean to the bearish side, it has turned slightly less negative. As a result, GS are lowering their USDCAD forecasts to 1.44 in 3, 6, and 12m from 1.46 previously.
- We would note that a return lower and clearance of 1.4235, the Mar 26 low, would be required to undermine the technical bull theme, thereby highlighting the potential for a test of 1.4151, the Feb 14 low and a bear trigger. Alongside NFP this Friday, markets will also receive Canadian employment data.
CANADA: USDCAD Trend Signals Remain Bullish
Mar-31 12:47
- USDCAD has risen 0.4% Monday, and the firm start to the week has seen spot move above last week’s high. Trend signals continue to highlight a dominant uptrend for the pair and price action has narrowed the gap to initial resistance at 1.4402 (Mar 20 high). Above here, the bull trigger remains at 1.4543, the Mar 4 high.
- While USDCAD remains around unchanged levels on the year, the 4% decline for the US dollar index shows the Canadian dollar remains a clear underperformer in 2025 as tariff considerations continue to permeate. Indeed, JP Morgan have noted that Canada remains disproportionately exposed to sectoral tariffs generally.
- Additionally, JPM highlight that most recent comments by PM Carney regarding structural economic adjustments in Canada will be tough to implement. In their opinion, such a backdrop goes some ways to explain CAD’s YTD underperformance in the G10 space.
STIR: BLOCK, Large Dec'25 SOFR Call Condor
Mar-31 12:43
- Block, 30,000 SFRZ5 96.25/96.50/96.75/97.00 call condors, 5.0 from 0833:27-0834:49ET
- adds to 10,000 earlier at 4.5
