OIL PRODUCTS: Russian Oil Product Flows via Cape of Good Hope Double in July
Aug-15 10:08
Russia’s seaborne oil product exports to Asia via the Cape of Good Hope nearly doubled m/m in July to 1.1 million metric tons according to LSEG.
- The bulk of the flows were naphtha, at 0.83 million tons, the rest were largely made up of low sulphur diesel and fuel.
- Russian vessels were thought to have safe passage through the Suez Canal but a number of Houthi strikes have dissuaded the practice, but it still remains the main route.
- Total oil products loadings from Russian western and southern ports totalled around 9 million tons in July according to LSEG.
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UK DATA: Inflation and Labour Market Preview
Jul-16 10:06
- There are generally assumed to be upside risks to inflation (from the Swift concerts primarily) but after the initial impact, if this was the driver and the rest of the print is not higher-than-expected we would expect some relief.
- We look at the impact of Beyonce's concerts last year on CPI - and what a similar impact would do this year.
- We think there are upside risks to private sector regular wage growth relative to consensus and in fact think an unchanged print of 5.8%Y/Y in the 3-months to May is more likely than a print in line with consensus of 5.6%Y/Y.
EGB OPTIONS: Bund Package Trades
Jul-16 10:05
RXQ4 133.00/134.50/135.50/139.50 call condor vs 130.00/127.50 put spread, paper sells the call condor & buys the put spread, 6K given at 16, exiting existing position.
OUTLOOK: Price Signal Summary - Pullback In EUROSTOXX 50 Appears To Be A Correction
Jul-16 10:03
- In the equity space, the trend condition in S&P E-Minis is bullish and the contract is holding on to its recent gains. The continuation higher last week confirms a resumption of the uptrend and maintains the bullish sequence of higher highs and higher lows. Sights are on the 5713.31, a 3.236 projection of the Apr 19 - 29 - May 2 price swing. Firm support is at 5569.65, the 20-day EMA.
- A bull cycle in EUROSTOXX 50 futures remains intact despite this week’s move lower - a correction. For bull, 5039.84, 61.8% of the May 16 - Jun 14 sell-off, has been cleared. This resulted in a print above 5082.32, the 76.4% retracement. A clear break of it would be a positive development and suggest scope for an extension towards 5132.00, the Jun 6 high. The 50-day EMA has been pierced, the next support is at 4903.00, the Jul 2 low.
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