NATGAS: MNI Gas Weekly: Market on Alert for Russia Sanctions

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(MNI) London – All timings are subject to change.

Monday 11 August:

• EU-Ukraine: An emergency videoconference of EU foreign ministers has been convened by High Representative for Foreign Affairs and Security Policy Kaja Kallas to discuss the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin (see entry below). EU leaders have sought to convince Trump to invite Ukrainian President Volodymyr Zelenskyy to the Alaska summit, but to no avail so far. Foreign ministers will also discuss the situation in the Middle East, with a focus on the situation in Gaza. Due to start at 16:00CET (10:00ET, 15:00BST).

Tesoro Publico has announced it will be looking to sell a combined E2.0-3.0bln of the following at its auction tomorrow, August 12:

• the 3-month Nov 7, 2025 letras
• the 9-month May 8, 2026 letras

• RES 4: 113-23   76.4% retracement of the Sep’24 - Jan’25 sell-off
• RES 3: 113-07   76.4% retracement of the Apr 7 - 11 sell-off 
• RES 2: 112-23   High May 1 
• RES 1: 112-15+ High Aug 5
• PRICE:‌‌ 111-29 @ 12:45 BST Aug 11
• SUP 1: 110-19+/08+ Low Jul 24 / Low Jul 14 & 16        
• SUP 2: 110-03   76.4% retracement of the May 22 - Jul 1 bull leg
• SUP 3: 109-28   Low Jun 6 and 11
• SUP 4: 109.25   Low May 27

Treasury futures remain strong on the back of the post-NFP rally - barring an erratic and quickly reversed intraday slip on Wednesday. Having cleared resistance into the bull trigger at 112-12+, the Jul 1 high, Treasuries have opened the May 1 high for direction at 112-23, a multi-month high. Clearance here opens retracement levels layered between 113-07 and 113-23. On the downside, key support is 110-08+, the Jul 14 and 16 low. First support lies at 110-19+, the Jul 24 low.