EM ASIA CREDIT: Medco Energi : Increases gas & oil assets
(MEDCIJ, B1pos/BB-/BB-)
"Repsol Sells 24% Stake in Indonesia Corridor Block for $425M" - BBG
Indonesian oil & gas company, Medco Energi Internasional, has announced it has reached an agreement with Repsol E&P to buy Fortuna International (Barbados) for $425m. Fortuna International (Barbados) has an indirect stake (24%) in the Corridor Production Sharing Contract (Corridor PSC), which includes 7 gas producing fields and 1 oil producing field in South Sumatra. Medco Energi already owns 46% of Corridor PSC with Pertamina Hulu Energi the remaining 30%. Overall increasing its stake in a high quality asset, with gas sold under long-term contracts. Neutral for spreads.
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SILVER TECHS: Monitoring Resistance
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686/700 - High Apr 25 / Intraday high
- PRICE: $33.079 @ 08:02 BST May 27
- SUP 1: $31.651 - Low May 15
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A bullish theme in Silver remains intact and last week’s gains reinforce this condition. Key short-term support has been defined at $31.651, the May 15 low. A clear break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. It has been pierced, a clear break of it would confirm a resumption of the uptrend.
USDCAD TECHS: Resumes Its Downtrend
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3984/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3882 20-day EMA
- PRICE: 1.3746 @ 07:58 BST May 27
- SUP 1: 1.3686 Low May 26
- SUP 2: 1.3643 Low Oct 9 ‘24
- SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
A downtrend in USDCAD remains intact and the latest move down reinforces this theme. The pair has traded through support at 1.3751, the May 6 low. This confirms a resumption of the downtrend and maintains the sequence of lower lows and lower highs. Scope is seen for an extension towards the 1.3600 handle while further out, the move down opens 1.3420, the Sep 25 ‘24 low. Initial resistance is 1.3882, the 20-day EMA.
BONDS: EGBs are pushing higher post French CPI
- A 10 ticks jump for Bund, and 20 ticks in OAT after the French CPI come below Consensus, but initial Tech levels are still untouched.
- The next immediate resistance in OATM5 is at 125.60, so far only printed a 125.40 high.
