OIL PRODUCTS: Citgo Lemont Oil Refinery Had Power Blip
The 183k b/d Citgo Lemont refinery had an electrical power blip on Sep. 25 at 3:30pm local time, according to a filing submitted to the Illinois Emergency Management Agency, cited by Bloomberg.
- Please see link for filing: https://public.iema.state.il.us/FOIAHazmatSearch/HazmatDetails.aspx?RptNum=H-2024-0745
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BTP: Block trade
BTP Block trade, suggest seller, not spread related:
- IKU4 ~1.9k at 119.11.
FRANCE: Macron To Resume PM Talks After Ruling Out Leftist Gov't
President Emmanuel Macron is set to resume talks today (27 Aug) with political leaders as he seeks to find a way through an extremely difficult political situation. In recent days, Macron has held talks with political leaders from various political camps in an effort to find a new PM nearly two months after the second round of legislative elections took place on 7 July. The deeply divided National Assembly delivered by those elections, combined with a lack of experience in coalition building within the French political system, has made reaching an agreement on a new PM and gov't impossible to date.
- Macron said in a 26 Aug statement that "...a government based solely on the platform and parties put forward by the alliance with the most lawmakers, the New Popular Front, would immediately be toppled with a vote of no confidence by all the other groups represented in the National Assembly,” The NFP argues that it has the right to install its candidate, as it is the largest group in the National Assembly.
- One of the few feasible paths to a majority coalition is if the centre-left Socialist Party (PS) breaks with its NFP allies and joins the centrist pro-Macron Ensemble bloc (see chart below). It would also require the conservative Republican Right and catch-all LIOT groups, creating a broad and unwieldy gov't that would be at risk of frequent disagreement on policy.
Source: Le Monde, MNI
OPTIONS: Hedgers Target Recovery in AUD/JPY
- No surprise to see exceptionally low FX options volumes on Monday due to the UK Bank Holiday (in fact, activity was the lowest since July 4th holidays) - and that impact is carrying over into Tuesday trade with overall volumes well below normal for this time of day.
- That said, there are hotspots of activity today, with demand for AUD/JPY upside a clear standout. Call strikes layered between 98.50 - 100.80 make up the bulk of vanilla options trade, as markets look to target the horizontally-trending 200-dma of 99.98. Most legs are shorter-dated, targeting an expiry of mid-September, therefore rolling off well ahead of the next BoJ, RBA meetings.
- Shorter-dated vols across G10 are seeing some relief following the passage of Jackson Hole, but maturities beyond 1m remain supported as markets roll toward September. EUR/USD 1m vols hold north of 6 points with spot remaining supported above consensus for the coming month (1.1170 at typing vs. ~1.0930 median for Sept).
