OIL PRODUCTS: Rhine Levels 4 Metres at Maxau

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• President Donald Trump will sign an Executive Order in the Oval Office at 16:00 ET 21:00 GMT. Trump could announce a general framework to address health care costs, including a two-year extension of Obamacare subsidies, as soon as today.
• Secretary of State Marco Rubio is back in Washington after hailing progress in Ukraine talks in Geneva. The key takeaway: The 28-point plan is not final. It will be reworked to better reflect Ukrainian and European security considerations.
• Commerce Secretary Howard Lutnick and USTR Jamieson Greer will join EU ministers in Brussels today for the first high-level trade talks between the two sides since the signing of a trade deal in July. While EU officials downplayed the prospect of a major deal, recent moves suggest the Trump administration is increasingly open to tariff modifications to address inflation.
• Treasury Secretary Scott Bessent joined Trump’s call for Senate Republicans to abolish the 60-vote filibuster, another tacit acknowledgement that the Trump administration may be entering a ‘lame duck’ period.
• Rep Marjorie Taylor Greene (R-GA) announced on Friday that she would resign from Congress, effective January. Her exit from Congress and three upcoming special elections raise the risk Republicans could lose the House majority in 2026.
• Trump’s formal designation of Venezuela’s Cartel de los Soles as a foreign terrorist organisation takes effect today, opening up new military options.
• Poll of the Day: 70% of Americans oppose military action in Venezuela.

Full Article: US DAILY BRIEF

• -5,000 FVH6 109-22.75, sell through 109-23 post time bid at 0751:24ET, DV01 $213,400.
• The Mar'25 contract takes lead quarterly position Friday - trades 109-20.5 last (-2.25)

• Treasury futures extended highs after Fed Gov Waller comments on Fox Business - supportive of Dec rate cut.
• Dec'25 10Y contract tapped 113-11.5 high (+3.5) before retracing to 113-09 last (+1). Last week’s breach of resistance at 113-02, an area of congestion since Nov 5, marks a bullish development and suggests scope for a climb towards 113-18+, the Oct 28 high. Note that the move higher also cancels a recent short-term bearish theme.
• Aside - heavier volumes (TYZ5 over 630k) tied to Dec/Mar roll ahead of Friday's "first notice".