LNG: Nigeria's Renaissance Returns NLNG Gas Supply
Aug-08 14:54
On 7 August, Nigerian energy producer Renaissance announced it had resumed delivering its full contracted gas volumes to the Bonny LNG plant for the first time in over five years, Platts said.
- The six-train Nigeria LNG facility, with a nameplate capacity of 22m mtpa, has been operating below capacity due to gas shortages caused by repeated pipeline sabotage.
- Renaissance, which acquired Shell’s former onshore and shallow-water assets in December, has increased oil output by about 40% and now supplies 1.9 Bcf/d of gas—54% of Bonny LNG’s feed gas.
- Other producers are also seeking to boost supply. TotalEnergies plans to sanction its new offshore Ima field next year, complementing the Ubeta project, which together are expected to produce 140,000 boe/d.
- The plant has been under force majeure since October 2022 but continues exporting LNG. So far in 2025, exports have reached 11.1m mt, on track to surpass 2024’s 13.7m mt.
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OPTIONS: Expiries for Jul10 NY cut 1000ET (Source DTCC)
Jul-09 14:50
- EUR/USD: $1.1650(E2.5bln), $1.1685-00(E1.5bln), $1.1710-20(E616mln), $1.1735-50(E1.5bln), $1.1800(E1.3bln)
- USD/JPY: Y143.95-15($1.0bln), Y144.70-90($1.3bln), Y146.50-55($681mln), Y147.00($832mln)
- GBP/USD: $1.3490-10(Gbp529mln), $1.3570(Gbp540mln)
- EUR/GBP: Gbp0.8595-00(E815mln)
- AUD/USD: $0.6440-55(A$954mln), $0.6500(A$599mln), $0.6415-25(A$589mln), $0.6600(A$634mln)
- NZD/USD: $0.6000(N$517mln)
- USD/CAD: C$1.3625-35($1.0bln)
US STOCKS: Early Equities Roundup: Bid But Off Highs, IT & Media Outperforming
Jul-09 14:45
- Stocks are trading firmer early Wednesday, apparently tracking a rebound in Treasuries off yesterday's June 20 lows, projected rate cuts into year end gaining slightly ahead of this afternoon's June FOMC minutes release.
- Indexes did pare gains by midmorning, likely profit taking ahead of the minutes and some amount of wariness amid Pres Trump reiterating tariff threats via social media. Currently, the DJIA trades up 69.23 points (0.16%) at 44322.34, S&P E-Minis up 16.75 points (0.27%) at 6290.25, Nasdaq up 119 points (0.6%) at 20542.14.
- Communication Services and Information Technology sectors led gainers in the first half, interactive media and entertainment shares buoyed the former with Alphabet +2.80%, Warner Bros Discovery +2.59%, Meta Platforms +2.16% and Paramount Global +0.83%.
- THe Tech sector was supported by Arista Networks +2.20%, NVIDIA +2.10% (fist company to reach $4T market cap), Broadcom +1.76%, Microsoft +1.66% and Advanced Micro Devices +1.60%.
- On the flipside, Consumer Staples and Energy sectors underperformed in the first half, The Hershey Co -3.41%, Altria Group -2.66%, Monster Beverage -1.93% and Archer-Daniels-Midland -1.15% weighed on Staples while EQT Corp -1.59%, Targa Resources -1.53%, EOG Resources -1.43% and Kinder Morgan -1.39% kept the Energy sector under wraps.
EQUITIES: Away From Highs
Jul-09 14:40
Little in the way of obvious drivers for the pullback from highs in e-minis.
- President Trump reiterated tariff threats against countries aligning themselves with “anti-American” BRICS policies via social media, but this wasn’t new information.
- Initial resistance in the S&P 500 e-mini (July 3 high 6,333.25) remains untested.
