LNG: Russia Plans to Increase LNG Exports to China: Energy Minister
Russian Energy Minister Sergei Tsivilev said Russia plans to increase LNG exports to China from the Arctic LNG 2 and Sakhalin 2 projects, according to Reuters citing Expert magazine.
- Russia "plans to increase supplies of not only pipeline gas but also liquefied natural gas to China, particularly from the Arctic LNG 2 and Sakhalin 2 projects," Tsivilev said.
- "We are making significant joint progress here. Therefore, the prospects for energy cooperation between Russia, India, and China are very good."
- The sanctioned Arctic LNG 2 project started loading LNG cargoes last year, with deliveries to two storage facilities in Russia. Since late August, China’s Beihai LNG terminal has taken delivery of seven LNG cargoes despite Western sanctions.
- Tsivilev said pricing of gas through the proposed Power of Siberia 2 pipeline was a question for Gazprom and CNPC. A great deal of work had been done on settlements in national currencies, he added.
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USD: USDSEK is close to the 2025 low
- EURSEK falls to its lowest level since around mid June and eyeing at test at the Psychological 11.0000 level.
- Focus is still on the more interesting USDSEK, now through 9.4000, just ahead of the 2025 low at 9.3792.
EFSF ISSUANCE: Apr-29 / Feb-34 Tap Dual Tranche: Spread Set
Apr-29 tap:
- Spread set at MS+9 (guidance was MS+10bps area)
- Books at E3.3bln
- Coupon: 3.500% (150 days accrued), Annual ACT/ACT
- Maturity: 11 April 2029
- ISIN: EU000A2SCAL3
Feb-34 tap:
- Spread set at MS+33 (guidance was MS+34bps area)
- Books at E3.7bln
- Coupon: 2.875% (207 days accrued), Annual ACT/ACT
- Maturity: 13 February 2034
- ISIN: EU000A2SCAN9
Across both tranches:
- Size: E3.5bln maximum combined (MNI expected E3bln)
- Books combined: E7bn (incl. E500m JLMs)
- Settlement: 8 September 2025 (T+5)
- Bookrunners: LBBW / NOMURA (DM/B&D) / TD
- Denoms: EUR 1,000 x 1,000
- Target market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II
- Issuer: European Financial Stability Facility (EFSF)
- Ratings: Aaa (stable) / AA- (stable) / AA-
- Risk Weighting: 0%
- Format: RegS / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
- Timing: Books close 11:00LDN | 12:00CET
COMMODITIES: Gold Starts the Week Sharply Higher, Targeting All Time Highs
A bear cycle in WTI futures remains intact and the latest recovery appears corrective. A key support at $61.99, the Jun 30 low, has recently been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $66.56, the Aug 4 high. Gold is trading sharply higher today as the metal begins the week on a bullish note. The primary trend direction remains up and sights are on key resistance and the bull trigger at $3500.1, the Apr 22 all-time high. Clearance of this hurdle would confirm a resumption of the uptrend and open $3547.9, a Fibonacci projection. Initial firm support to watch lies at $3371.9, the 20-day EMA.
- WTI Crude up $0.35 or +0.55% at $64.34
- Natural Gas up $0.03 or +1.1% at $3.03
- Gold spot up $26.66 or +0.77% at $3474.77
- Copper up $1.3 or +0.28% at $460.4
- Silver up $0.96 or +2.42% at $40.6828
- Platinum up $22.27 or +1.62% at $1393.87
