REFINING: Novatek Ust-Luga Condensate Unit Starts Tests
May-03 14:06
Russia’s Novatek plans to start testing a new processing unit at its gas condensate complex at the Baltic Sea port of Ust-Luga in mid-June according to Reuters sources.
- The facility processes gas condensate at two units into light and heavy naphtha, jet fuel, fuel oil and gasoil.
- The new unit - with capacity of 3 million metric tons a year - will allow the Novatek to increase naphtha exports to between 550,000 and 600,000 tons a month from 350,000 to 370,000 tons currently.
- Novatek mostly exports naphtha to Asian markets.
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US: Nebraska Electoral College Bill Could Close A White House Pathway For Biden
Apr-03 14:06
Nebraska Governor Jim Pillen (R-NE) has endorsed a bill that would repeal a state law which assigns electoral college votes by Congressional district and making Nebraska a winner-takes-all state.
- Semafor note: “If Biden lost only Arizona, Georgia, and Nevada from his 2020 column, he would win the electoral college 270-268; if Nebraska gave all five electors to Trump, the tied 269-269 election would be decided by the incoming House’s state delegations, where Republicans currently hold an advantage.”
- Politico reports that the change, “would take away what is currently [Biden’s] easiest path to 270: win the “blue wall” states of Michigan, Wisconsin and Pennsylvania, plus one electoral vote from metro Omaha.”
- Nebraska Democratic Party Chair Jane Kleeb said in an interview: “The Nebraska Democratic Party is watching this bill closely and still believes we have the votes to stop the [legislation]...”
- Trump said in a statement praising Pillen's endorsement of the bill: “Most Nebraskans have wanted to go back to this system for a very long time, because it’s what 48 other States do — It’s what the Founders intended, and it’s right for Nebraska.”
US TSYS: Post-ISM Data React, Tsys Bounce
Apr-03 14:04
- Much lower than expected ISM data spurs bounce in Treasury futures off session lows, TYM4 trades 109-20 last (-3) vs. 109-09.5 low, 10Y yield retreats to 4.5279 from 4.5678% high. Curves steepen: 2s10s +2.573 -31.602.
MNI: TEST, PLEASE IGNORE
Apr-03 14:00
- TEST, PLEASE IGNORE
