ENERGY: Russian and Hungary Discuss Enhanced Energy Cooperation
Mar-26 08:29
Russian Deputy Prime Minister Alexander Novak and Hungarian Foreign Minister Peter Szijjarto discussed bilateral trade and conditions for enhanced energy cooperation, the Russian government said.
- Oil supplies to Hungary via the Druzhba pipeline reached 956k metric tons, or 118.800kb/d in the January to February following 4.78m tons in 2024.
- Russian pipeline gas flows to Hungary were 1.18bcm in Jan-Feb following a record 8.6bcm in 2024.
- Novak emphasized a commitment to dependable energy supplies for Hungary and efforts to ensure that supplies to partners remain undisrupted and predictable.
- "This result not only indicates a high degree of coordination, but also demonstrates our common commitment to energy security," Novak said.
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STIR: J.P.Morgan Recommend Receiving 1y1y €STR
Feb-24 08:25
J.P.Morgan recommend receiving 1y1y €STR.
- They believe that “the €STR curve is not pricing enough downside risk-premium”, with growth remaining on a soft trajectory and the U.S. tariff backdrop further tilting economic risks to the downside.
- They acknowledge that they “do not expect any sharp sustained repricing lower of terminal rate expectations over the near term but a gradual decline over the coming months and therefore prefer to trade tactically at the front-end of the curve”.
CROSS ASSET: MONTH END EXTENSION
Feb-24 08:22
Bloomberg Bonds:
- US Tsys: +0.12yr (Large).
- EU Govies: +0.08yr (Average).
- UK Govies: -0.03yr (non event).
- JGBs: +0.04yr (small).
SILVER TECHS: Bullish Outlook
Feb-24 08:19
- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 and the bull trigger
- RES 2: $34.000 - Round number resistance
- RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
- PRICE: $32.550 @ 08:18 GMT Feb 24
- SUP 1: $31.979/343 - 20- and 50-day EMA values
- SUP 2: $29.704 - Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
A bull theme in Silver remains intact and the metal is trading closer to its latest highs. Recent gains confirm a resumption of the bull cycle that started Dec 19 and sights are on $33.450, a Fibonacci retracement. Clearance of this level would further strengthen a bull theme. On the downside, key short-term support is seen at 31.343, the 50-day EMA. A clear breach of this level would highlight a potential reversal.
