REFINING: PBF Says Martinez Return Remains September
May-01 15:21
PBF refining highlights via its Q1 results call:
- Martinez, California: Phase 1 of the restart plan was recently completed, allowing the refinery to operate in a limited configuration at 85,000 to 105,000 barrels per day. This involved restarting unaffected units, including the crude unit and delayed coker. Conducted a planned Fluid Catalytic Cracker (FCC) turnaround and began the startup.
- In this configuration, Martinez is supplying limited quantities of finished gasoline and jet fuel to California markets and producing intermediates to be further processed at the Torrance refinery. The target for full operations remains end of September 2025.
- Torrance, California is processing intermediates produced by Martinez in its limited configuration. Was temporarily down in mid-March because of a weather event. Faces a hydrocracker turnaround in H2 2025 to improve reliability.
- Delaware City Refinery (Delaware): A hydrocracker turnaround was executed and completed in the first week of April 2025, performed according to plan.
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US TSY OPTIONS: May'25 10Y Put Sale
Apr-01 15:18
- -12,000 TYK5 111 puts, 27 vs. 111-22.5/0.35%; appr vol 6.29%
US DATA: Private Sector Leads Construction Rebound In February
Apr-01 15:18
US construction spending rebounded in February after a weak January, rising 0.7% M/M (vs 0.3% expected, -0.5% prior downward rev from -0.2%). That brought nominal spending to an all-time high $2.196T (on a seasonally-adjusted, annualized basis).
- Private sector activity drove the rebound, up 0.9% M/M from -0.7% prior in what may have been a bounce from a January marred by bad weather and potentially other factors including the southern California wildfires.
- Residential construction rebounded 1.3% after -1.2%, with non-residential up 0.4% after -0.2%.
- In the subcategories, manufacturing construction has failed to regain traction after 4 consecutive negative/flat months, though at least posted 0.1% growth in February. Nonresidential ex-manufacturing construction in contrast jumped 0.5% after -0.1% prior.
- Given ongoing cost-cutting initiatives at the federal level, there will be increasing focus on public sector construction (roughly one-quarter of the national total), but no sign so far after 0.2% M/M growth for the 2nd consecutive month.
- Overall momentum remains positive for private sector construction (+4.5% 3M/3M ann), though public sector spending is waning (2.0% after double-digit growth in Q4).
- It's worth noting however that construction in manufacturing has been flagging (-2.0% 3M/3M annualized was the weakest since Nov 2020), after very strong gains in 2022-23.
FED: US TSY 14D AUCTION: NON-COMP BIDS $129 MLN FROM $50.000 BLN TOTAL
Apr-01 15:15
- US TSY 14D AUCTION: NON-COMP BIDS $129 MLN FROM $50.000 BLN TOTAL
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