OIL PRODUCTS: Refinery Outages Support Product Cracks

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance
• RES 2: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
• RES 1: 0.8735/8769 High Aug 3 / High Jul 27 and the bull trigger 
• PRICE: 0.8704 @ 17:17 BST Aug 4
• SUP 1: 0.8611 Low Jul 31 
• SUP 2: 0.8587 50-day EMA 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8508 Low Jun 27

The trend set-up in EURGBP is bullish and the latest recovery from Thursday's low signals the end of the short corrective pullback between Jul 28 - 31. Moving average studies remain in a bull-mode position highlighting a clear uptrend. Key resistance and the bull trigger is at 0.8769, the Jul 27 high. On the downside, support to watch lies at the 50-day EMA 0.8587. A clear break of it would strengthen a bear threat. 

• Date $MM Issuer (Priced *, Launch #)
• 08/04 $3.25B #Barclays $1.5B 4.25NC3.25 +83, $500M 4.25NC3.25 SOFR+108, $1.25B 21NC10 +110
• 08/04 $2B #FISERV $1B +5Y +87, $1B 10Y +107
• 08/04 $2B Level 3 Financing 8.5NC3 7%, upsized from $1.25B
• 08/04 $1.525B #Dominion Energy $825M 30.5NC5.25 6%, $700M 30.5NC10.25 6.2%
• 08/04 $1.5B #Quanta Services $500M Each: 3Y +65, +5Y +80, 10Y +93
• 08/04 $1.25B Level 3 Financing 8.5NC3
• 08/04 $1B #Altria $500M 5Y +85, $500M 10Y +112
• 08/04 $700M #Kentucky Utilities 30Y +105
• 08/04 $700M #Louisville Gas & Electric 30Y +105
• 08/04 $600M #CenterPoint Houston 10Y +80
• 08/04 $Benchmark KKR & Co. 10Y +93
• 08/04 $Benchmark Chub Holdings 10Y +70
• 08/04 $Benchmark Public Service of Colorado 10Y +97, 2055 Tap +102

A new AP-NORC survey has found that “Many Democrats see their political party as “weak” or “ineffective,”” while, “Republicans are more complimentary of their party, although a small but significant share describe the GOP as “greedy” or say it is generally “bad.””

• AP notes: “Overall, U.S. adults held a dim view of both parties, with about 4 in 10 using negative attributes, including words such as “dishonest” or “stupid.””
• The survey is likely to temper optimism that lukewarm approval of President Donald Trump's policies will presage a major swing towards Democrats at the 2026 midterm elections.
• While Gallup reported in a survey last week, "Americans’ party affiliation has flipped back toward the Democratic Party after the Republican Party held advantages for most of 2023 and 2024," the outlet noted "these changes in party preference are occurring at a time when the Democratic Party’s image is at an all-time low and slightly worse than that of the Republican Party."

Figure 1: “Percentage of Democrats who used words to describe the Democratic Party that were categorized as negative, positive, or another category”

Source: AP