OIL: Mid-Day Oil Summary: Crude Stable
Jan-30 12:14
Crude oil prices are little changed today after falling around a percent on Wednesday as the US Fed left rates on hold and US crude inventories rose.
- Brent MAR 25 unchanged at 76.58$/bbl
- WTI MAR 25 down 0.1% at 72.54$/bbl
- US commerce secretary appointee Lutnick said that 25% tariffs against Mexico and Canada which are due to be introduced on February 1 can still be avoided. The White House Press Secretary said on Jan. 28 that the deadline for applying the tariffs still stands.
- US President Donald Trump’s energy policies could “ultimately tighten the oil market,” according to ANZ Group Holdings cited by Bloomberg.
- The appearance of Nigeria’s March loading programme appears to finally be foreshadowing a period of lower oil exports across the board, Kpler said.
- Middle Eastern crude oil prices surged to their highest levels in 15 months this week, driven by a buying frenzy from China and India to replace Russian grades, Kpler said.
- Russia's oil and gas condensate production reached 516 million metric tons (10.32 mn bpd) in 2024, Deputy Prime Minister Alexander Novak said - around 2.8% lower compared to 2023.
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EURIBOR OPTIONS: Put ladder buyer
Dec-31 12:03
ERZ5 98.00/97.75/97.50p ladder, bought for flat in 2.25k total.
GILTS: Extending gains ahead of the close
Dec-31 11:50
- Overall it is a fairly decent move in Gilt, the contract continues to gain, the lower volume has been helping, but there's been a pick up in the past few minutes with just under 30 minutes left for the trading session.
- Around 2k cumulative lots have been bought in the past few minutes, multiple clips.
US TSYS: Yields Slip to 10D Lows Into Year End, Early Cash Close
Dec-31 11:39
- Treasuries added to Monday's rally overnight -- back near December 20 levels before drawing some sell interest in early London trade. Average to small year-end duration extensions: US +0.07Y, EU: +0.04Y, UK -.02Y (Bbg).
- The Mar'25 10Y contract trades 109-03 last (+4) vs. -06 high on modest year end volume of just over 135k. Tsy 10Y yield tapped 4.5027% low overnight, curves are looking modestly flatter: 2s10s .966 at 28.317, 5s30s -1.864 at 37.011.
- Projected rate cuts into early 2025 look steady to slightly higher vs. late Monday levels (*) as follows: Jan'25 steady at -2.8bp, Mar'25 -14.6bp (-13.6bp), May'25 -21.3bp (-19.5bp), Jun'25 -30.8bp (-28.8bp).
- Today's economic data (prior, est) limited to FHFA House Price Index MoM (0.7%, 0.4%) and S&P CoreLogic CS 20-City MoM SA (0.18%, 0.20%) at 0900ET, followed by Dallas Fed Services Activity (9.8, --) at 1030ET.
- Reminder: early cash Tsy close at 1400ET, futures at normal time of 1600ET.
- For next week: the NYSE Group markets will close on January 9 in observance of the National Day of Mourning for President Carter (New York Stock Exchange, NYSE American Equities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago and NYSE National), while the CME Group has opted for early close, link HERE. FI open outcry will close at 1300ET, GLOBEX shortly after at 1315ET next Thursday.
