REFINING: Motiva’s Port Arthur Refinery Shuts Units Wednesday on Power Outage
Apr-11 08:38
Motiva’s 630kbpd Port Arthur, Texas, refinery had a power failure one Wednesday that interrupted several units, according to a TCEQ filing.
- The power supply was interrupted at 5:45AM local time on Wednesday due to severe weather conditions, it said.
- Emissions were expected over 36 hours, facilities listed in filing included the following units: alkylation, reformers 4 and 5, delayed coker 1, FCC 3, hydrotreater 4, lube hydrocracker, vacuum pipestills 2 and 4.
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GILTS: Front End Leads Rally After Labour Market Data
Mar-12 08:35
Gilts firm on the back of the labour market data.
- Futures stick within the range seen in recent session, +27 at 99.88 (early range 99.79-90).
- Cash gilt yields are 2.0-5.5bp lower, curve bull steepens.
- 5s30s continue to steepen away from last week’s multi-month low.
- SONIA futures extend higher after the gilt open, last flat to +6.5.
- BoE-dated OIS prices ~75bp of ’24 cuts vs. ~72bp post-data and ~69bp at yesterday’s close.
- That move helps the front end of the gilt curve outperform.
- We don’t see this morning’s wage print as a gamechanger and still favour August as the most likely start point re: the BoE’s cutting cycle (fully priced by markets).
- This morning will see the DMO come to market with GBP3.75bln of the 4.625% Jan-34 gilt.
- Comments from BoE hawk Mann are due later today, but she already reiterated her well-known stance yesterday.
- Elsewhere, comments from BoE Governor Bailey are due, but the setting limits the potential for market moving comments.
SONIA: Decent put condor seller
Mar-12 08:28
SFIK4 95.00/94.90/94.80/94.70p condor sold at 4 in 13k.
SWEDEN: PES Vacancies Retrace January Rise
Mar-12 08:24
The PES unemployment rate (seasonally adjusted registered unemployment claims rate tracked by the Swedish Public Employment Service) was broadly steady in January, printing at 6.65% (vs 6.61% prior). The LFS unemployment rate - which the Riksbank forecasts in its MPR - is due on Friday, and analysts expect an unchanged rate at 8.2%.
- Note that the Bloomberg calendar reports the NSA claims rate excluding those in job support programmes (which was 3.5%, steady vs January).
- The press release notes that 18-24-year old NSA unemployment rose 4k to 43k, bringing the NSA unemployment rate to 7.9%.
- Looking into the details of the print, vacancies fell to 114k from 130k, more than retracing January's 11k rise.
- The vacancies to unemployment ratio thus moderated to 0.33 (vs 0.37 prior), below the cycle high of 0.60 in May '23.
