AMERICAS OIL: Pemex Oil Quality Issues Are Persisting Despite Improvement: BBG
Mar-07 17:16
Pemex Oil Quality Issues Are Persisting Despite Improvement: Bloomberg
- Bloomberg cites a document indicating Pemex delivered cargoes of oil with as much as 3% water last week, above standard levels of no more than 1%. That is an improvement from January, when water content of the top exported grade Maya peaked at 8%, which can amount to 40,000 barrels of water in a cargo of half a million barrels.
- Excessive water impedes the fuel making process because refiners need to make arrangements to remove the water that was not supposed to be there. Quality issues persist as Pemex pays off debt to contractors and suppliers of chemicals used to clean its oil of impurities and make it fit for refinery consumption.
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EUR: Focus on Activity Data & BoE Tomorrow
Feb-05 17:10
- Mixed performance for the Euro against G10 peers on Wednesday, as softer US ISM Services prompts some EURUSD strength, however, the significant yen outperformance has weighed heavily on EURJPY (-1.00%), with price action supported by overnight Japanese wage figures.
- While single currency sentiment continues to be impacted by Eurozone growth concerns, there will be some attention on the 'core' figure of German factory orders on Thursday to provide the latest update. However, the data is unlikely to alter the narrative of industrial weakness, which appears well factored in at this juncture.
- More importantly, the Bank of England will headline tomorrow, and we think its Bank Agent's Pay Settlement Survey could provide some signal on policy ahead. EURGBP’s renewed weakness this week will provide some focus on the cross, having pulled further away from trendline resistance in recent weeks.
- Short-term resistance for the cross stands at 0.8363/69, the Jan 3 high / 20-day EMA, while initial support would be located at 0.8248, Monday’s low. Below here, the key 2022 low at 0.8203 comes back into focus, the weakest point of a multi-year range.
FED: US TSY TO SELL $42.000 BLN 10Y NOTES FEB 12, SETTLE FEB 18
Feb-05 17:05
- US TSY TO SELL $42.000 BLN 10Y NOTES FEB 12, SETTLE FEB 18
FED: US TSY TO SELL $25.000 BLN 30Y BOND FEB 13, SETTLE FEB 18
Feb-05 17:05
- US TSY TO SELL $25.000 BLN 30Y BOND FEB 13, SETTLE FEB 18
