OIL PRODUCTS: Nigeria’s Warri Refinery Restart Threatened by Strike: Argus
May-02 10:05
Plans to restart a section of Nigeria’s 125k b/d Warri refinery are at risk due to an indefinite strike planned by plant support staff from May 5, Argus said.
- A source told Argus late last week that state-owned NNPC intends to restart the CDU and VDU units and a gas plant in the first week of May. The strike is planned to disrupt these plans.
- The refinery has been undergoing a quick-fix repair contract since June 2022 to restore 60% of its nameplate capacity.
- NNPC restarted Warri in December and said that crude runs had ramped up to about 78k b/d before the refinery was shut again in January "to carry out necessary intervention works on select equipment, including field instruments that were impacting sustainable and steady operations", the company said.
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US: SOFR FIX - 02/04/25
Apr-02 10:01
SOFR FIX - Source BBG/CME
- 1M 4.31930 0.00034
- 3M 4.27734 -0.00364
- 6M 4.16448 -0.00244
- 12M 3.95120 -0.00869
EQUITIES: Estoxx Call buyer
Apr-02 09:55
SX5E (17th Apr) 5600c, bought for 4.5 in 6.5k.
GBP: GBP/USD Breaches S/T Resistance to Trade New Daily Highs
Apr-02 09:54
GBP/USD bumped to new daily highs as the modest background USD weakness continues into the NY crossover. This latest strength puts spot through yesterday's highs with range of NY highs on Monday at 1.2959, with a slight pick-up in volumes supporting the step higher, although total activity on the day remains subdued relative to the average you'd expect to see for this time of day.
- The 15 minute candle chart shows downtrendline resistance drawn off 1.2941 has been broken, helping pressure EUR/GBP to 50-dma support of 0.8346.
