NATGAS: Norway Gas Supply to Europe Recovering
Jun-19 13:36
Norwegian pipeline supplies to Europe for today have been revised up to 282.4mcm/d from 277.7mcm/d earlier, Bloomberg shows, although Oseberg has issued a small new planned outage next week.
- Oseberg has issued new planned capacity outage of 5mcm/d on June 25.
- Gassco currently shows unavailable capacity of 54.0mcm/d today falling to 46.7mcm/d tomorrow and 25.7mcm/d on June 23.
- The total outages are expected to gradually ramp down over the remainder of the month with little maintenance planned in July.
- Planned seasonal works this month include at Ekofisk, Troll, Nyhamna, Ormen Lange, Oseberg and Kollsnes.
- An expected further recover in pipeline supplies to Europe will help to support the healthy LNG imports as Europe continues to gradually build stores ahead of winter amid Middle East LNG supply risks. Some EU members, such as Italy and France, have managed to boost stores quicker than normal so far this summer to over 60% full, although Germany is still lagging at just 46% full.
Source: Gassco field and processing plant unavailable capacity
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PIPELINE: Corporate Bond Update: Prior Siemens Issuance
May-20 13:33
- Today's corporate bond issuance likely to be led by Siemens seven-tranche deal: 3Y +65a, 3Y SOFR, 5Y +80a, 7Y +90a, 10Y +100a, 30Y +115a, 40Y +125a.
- Size estimated around $10B-12.5B - similar to Siemens prior seven-parter issued on March 2, 2021:
- $10B *Siemens: $1.25B 2Y +30, $1.5B 3Y +40, $1B 3Y FRN SOFR+43, $1.75B 5Y +55, $1.25B 7Y +65, $1.75B 10Y +75, $1.5B 20Y +80
US TSY FUTURES: BLOCK: Jun'25 10Y Ultra/30Y Ultra Bond Flattener
May-20 13:21
Recent flattener crossed at 0900:00ET:
- -5,200 UXYM5 112-01, sell through 112-01.5 post time bid vs.
- +2,500 WNM5 115-27, post time offer
US DATA: Redbook Retail Sales Remained Robust Heading Into 2nd Half Of May
May-20 13:15
Johnson Redbook's retail sales index posted a 5.4% Y/Y rise in the week ending May 17, which brought May month-to-date to 5.6% Y/Y (above retailers' 5.4% target).
- The report noted that while midweek sales were slow, there was solid shopping on both weekends (Mother's Day May 11, and picking up again last weekend). "Sales of home improvement and outdoor goods increased, although severe storms and flooding in the central USA disrupted business operations."
- In a rare note of caution, "shoppers are becoming more budget-conscious, and retailers are hopeful that sales will strengthen with the arrival of warmer weather, graduations, and the Memorial Day weekend."
- Nonetheless, a 5.6% Y/Y rise would mark the 4th month in a row of 5+% sales, averaging 5.9% over that period. As it accounts for 80% of the Census Bureau Retail Sales series, the latter looks to remain relatively robust this month despite waning consumer confidence.
