FREIGHT: Mideast Tanker Surplus Shrinks to Lowest in Decade
Nov-07 18:16
An excess of supertankers in the Middle East compared with crude cargoes for the next 30 days narrowed to 7%, according to Bloomberg sources.
- This compares to 13% the previous week. The average for the past 12 months is 20%.
- Vessel supply is significantly tighter in the Middle East, and the lack of available ships is spilling over into other regions such as West Africa
- Earnings on the benchmark ME-China route were $ 94,711 Nov 7, according to Bloomberg citing Baltic Exchange data, down 22% on the week.
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US TSY FUTURES: BLOCK: Dec'25 2Y Sale Post-Minutes
Oct-08 18:12
- -6,364 TUZ5 104-06.5, sell through 104-06.62 post time bid at 1403:46ET, DV01 $250,000.
- The 2Y contract trades 104-06.5 last (-1.62) vs. 104-06.38 low.
US TSYS: Post-Sep FOMC Minutes React
Oct-08 18:03
- Treasury futures extended lows slightly following the release of the September FOMC meeting minutes even after showing "most officials want to ease further this year".
- Tsy Dec'25 10Y contract slips to 112-18 low (-3.5), yld 4.1249% +.0019; Curves twist flatter: 2s10s -2.102 at 53.628, 5s30s -2.458 at 99.573.
- Initial technical support at 112-12.5/01 (50-day EMA / 50.0% of Jul 15 - Sep 11 up-leg)
- Projected rate cut pricing has cooled vs. early morning levels (*): Oct'25 at -23.1bp (-23.7bp), Dec'25 at -44.2bp (-45.1bp), Jan'26 at -54.1bp (-55.2bp), Mar'26 at -64.5bp (-66.5bp).
EURGBP TECHS: Support At The 50-day EMA Remains Exposed
Oct-08 18:00
- RES 4: 0.8835 High May 3 2023
- RES 3: 0.8800 Round number resistance
- RES 2: 0.8769 High Jul 28 and the bull trigger
- RES 1: 0.8751 High Sep 25
- PRICE: 0.8663 @ 16:20 BST Oct 8
- SUP 1: 0.8673/8597 50-day EMA / Low Aug 14 and the bear trigger
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 4: 0.8540 Low Jun 30
The latest pullback in EURGBP appears corrective and the trend condition is bullish. Attention is on initial firm support at 0.8673, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement - this raises importance on today’s close. Note that the key trend support lies at 0.8597, the Aug 14 low. A breach of this level would highlight a stronger reversal. For bulls, key resistance and the bull trigger is 0.8769, the Jul 28 high.
