OIL: Spain Oil Imports from Venezuela Rise to Highest Since 2009
Oct-04 09:41
Spain's crude oil imports from Venezuela have risen to the highest since 2009, according to Cores data cited by Reuters.
- Imports from Venezuela were 303k tons in August taking the year to date total to 2m tons and just below 2.1m tons for the period in 2009.
- Spain's Repsol agreed to receive oil from PDVSA as payment for debt, under a sanction’s exemption authorised by the U.S.
- Venezuela's oil exports have decline from high levels in August due to power blackouts and equipment outages.
- Spain’s total August crude oil imports rose 5.1% y/y to 5.8m tonnes, Cores data showed.
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OPTIONS: Expiries for Sep04 NY cut 1000ET (Source DTCC)
Sep-04 09:37
- EUR/USD: $1.0950(E894mln), $1.1000-20(E1.1bln), $1.1125-30(E597mln), $1.1190-00(E1.2bln)
- USD/JPY: Y145.00($927mln), Y146.25-35($1.3bln)
- EUR/JPY: Y164.00(E826mln)
- AUD/USD: $0.6740(A$620mln)
- USD/CAD: C$1.3515($1.1bln), C$1.3700($506mln)
GERMAN AUCTION RESULTS: 1.00% May-38 Bund / 2.60% May-41 Bund
Sep-04 09:36
| 1.00% May-38 Bund | 2.60% May-41 Bund | |
| ISIN | DE0001102598 | DE000BU2F009 |
| Total sold | E500mln | E1bln |
| Allotted | E438mln | E818mln |
| Previous | E0.407bln | E1.199bln |
| Avg yield | 2.42% | 2.50% |
| Previous | 2.44% | 2.51% |
| Bid-to-offer | 4.81x | 2.24x |
| Previous | 4.13x | 1.29x |
| Bid-to-cover | 5.49x | 2.73x |
| Previous | 5.07x | 1.61x |
| Avg price | 83.57 | 101.31 |
| Low price | 83.57 | 101.29 |
| Pre-auction mid | 83.529 | 101.249 |
| Prev avg price | 83.32 | 101.25 |
| Prev low price | 83.31 | 101.23 |
| Prev mid-price | 83.274 | 101.194 |
| Previous date | 07-Aug-24 | 07-Aug-24 |
EGBS: Bunds Off Highs As Risk Assets Stabilises, Peripherals Still Wider
Sep-04 09:24
The stabilisation of European equity and crude oil prices has helped Bunds away from intraday highs, though futures remain +25 ticks today at 134.18.
- The Aug 29 high in Bunds is still intact at 134.49. A breach of this level would strengthen a near-term bullish condition.
- Risk sentiment remains subdued though, which has prompted BTP futures to underperform (+7 today at 119.02) and broader 10-year peripheral spreads to Bunds widen ~1.5bps.
- The Eurozone August final services PMI was slightly weaker than implied by the flash release, though the Olympics-driven French print was confirmed at 55.0.
- Meanwhile, commentary from several ECB speakers continues to point to a rate cut in September, with little firm guidance provided beyond that gathering.
- The German cash curve has bull steepened, with yields -3.5 to -1.5bps lower at typing. The bidding deadline for today’s 15-year Bund supply is at 1030BST/1130CET.
- Broader focus turns to the Bank of Canada decision and US job openings data this afternoon, while BdF’s Villeroy is scheduled to appear on a panel at 1200BST.
