NATGAS: Shell CEO Points to Continued Gas Market 'Tightness': Platts
Shell CEO Wael Sawan stated that gas markets remain tight due to low European storage levels and limited LNG supply growth, cited by Platts.
- "The data is showing that -- by and large -- oil products and LNG are holding up from a demand perspective," Sawan said.
- "And there isn't a huge amount of new supply coming on stream in 2025. And so that tightness continues in the market," he added.
- However, Shell's 14m mtpa LNG Canada project is set to begin exports in mid-2025.
- You saw the commissioning cargo come in to be able to test all of the different aspects of the facility. And we're still on track, with the first cargo intended in the middle of this year," Shell CFO Sinead Gorman.
- Shell's LNG business performed well in Q1, with liquefaction volumes totaling 6.6m mt.
- Despite planned maintenance in Q2, Shell expects similar volumes for this quarter.
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GBPUSD TECHS: Bullish Trend Structure
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High Mar 20 and the bull trigger
- PRICE: 1.2975 @ 16:50 BST Apr 2
- SUP 1: 1.2891/71 20-day EMA / Low Mar 27
- SUP 2: 1.2766 50-day EMA and a short-term pivot support
- SUP 3: 1.2679 Low Mar 4
- SUP 4: 1.2559 Low Feb 28
GBPUSD trades well through the London close, showing to a new weekly high but trading in the broader range. Importantly for bulls, the pair continues to trade closer to its recent highs. MA studies are in a bull-mode position highlighting a dominant uptrend. A breach of 1.3015, the Mar 20 high and bull trigger, would resume the uptrend and open 1.3048, the Nov 6 2024 high. Support at the 20-day EMA, at 1.2891, is intact. A clear break of the 20-day EMA is required to signal scope for a deeper correction.
STIR: FED Reverse Repo Operation
RRP usage inches up to $233.488B this afternoon from $230.063B on Tuesday. Usage had surged to the highest level since December 31, 2024 this past Monday: $399.167B. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 41.
LOOK AHEAD: Thursday Data Calendar
- US Data/Speaker Calendar (prior, estimate)
- 03-Apr 0730 Challenger Job Cuts YoY (103.2%, --)
- 03-Apr 0830 Initial Jobless Claims (224k, 226k)
- 03-Apr 0830 Continuing Claims (1.856M, 1.870M)
- 03-Apr 0830 Trade Balance (-$131.4B, -$123.5B)
- 03-Apr 0945 S&P Global US Services PMI (54.3, 54.2),
- 03-Apr 0945 Global US Composite PMI (53.5, 53.4)
- 03-Apr 1000 ISM Services Index (53.5, 52.9)
- 03-Apr 1000 ISM Services Prices Paid (62.6, 63.0)
- 03-Apr 1000 ISM Services New Orders (52.2, 51.5)
- 03-Apr 1000 ISM Services Employment (53.9, 53.0)
- 03-Apr 1130 US Tsy $80B 4W, $75B 8W bill auctions
- 03-Apr 1230 Fed VC Jefferson economic outlook (text, Q&A)
- 03-Apr 1430 Fed Gov Cook economic outlook (text, Q&A)
