OIL: Russia-Venezuela Treaty Envisages Upstream Cooperation: Interfax
May-07 16:46
Russian President Vladimir Putin and Venezuela’s President Nicolas Maduro signed a Treaty on Strategic Partnership and Cooperation between the two countries that seeks to boost cooperation in the energy sector, Interfax reported.
- "The parties are cooperating in the energy sector in such areas as exploring and developing new oil and natural gas fields, increasing the yield of fields operated by joint ventures and reducing their environmental impact through the application of advanced production technologies, expanding oil trade operations on a mutually beneficial basis.” The document published on the Kremlin's website said.
- Russia and Venezuela are also "encouraging the creation of an alternative system of oil transportation insurance and international recognition of insurance services," and "are promoting well-balanced and steady long-term development of global energy markets without the use of artificial restrictions and tools of unfair competition,” Interfax added.
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FED: US TSY 14D AUCTION: NON-COMP BIDS $92 MLN FROM $50.000 BLN TOTAL
Apr-07 16:45
- US TSY 14D AUCTION: NON-COMP BIDS $92 MLN FROM $50.000 BLN TOTAL
OPTIONS: Larger FX Option Pipeline
Apr-07 16:32
- EUR/USD: Apr10 $1.0900-10(E2.6bln), $1.0935-50(E2.4bln)
- USD/JPY: Apr09 Y147.40-50($1.1bln); Apr10 Y143.00($1.3bln)
- EUR/GBP: Apr09 Gbp0.8405-20(E1.1bln)
- AUD/USD: Apr10 $0.6400(A$1.3bln)
- USD/CAD: Apr10 C$1.4395-00($1.5bln)
- USD/CNY: Apr10 Cny7.4000($1.4bln)
US DATA: Loan Demand Pulls Back In Dallas Survey, But Still Stronger Than 23-24
Apr-07 16:27
The latest Dallas Fed banking survey, collected just shy of Liberation Day tariffs, showed a sharp deceleration in loan volume and demand growth compared to responses from six weeks ago but it was still healthier than readings through 2023-24. The balance for changes in lending standards meanwhile was similar to previous readings.
- The survey was conducted Mar 24-Apr 2 and so offers a useful update on lending trends although does of course miss out on the fallout from the significant escalation in tariffs after the Apr 2 “Liberation Day” announcement.
- Loan demand: current balance at 6.1 after 30 for its lowest since Nov but still better than a string of all but one negative readings through Oct 2022 – Nov 2024; future balance at 27.7 after 56.3 for lowest since Aug 2024.
- NPLs: current balance +19.4 after +15.7 in mid-Feb survey (highest since Nov and before that Jul). The future balance increased to +22.3 after +14.1 for its highest since Aug 2024 but it’s still well below recent highs of a net 55% in 2023 expecting NPLs to increase over the next six months.
- See the below charts for context:
