OIL PRODUCTS: Singapore Light Distillate Stocks Fell but Fuel Oil Rose Last Week
Aug-28 09:17
Singapore total oil inventories fell by 346kbbl to 47.54mbbl in the week to Aug. 27 with a rise in fuel oil stocks offset by a decline in both middle and light distillates, according to Enterprise data cited by Bloomberg.
- Fuel oil stocks rose by 1,689kbbl on the week to 24.724mbbl to partially recover the decline seen the previous week.
- Middle distillate stocks fell by 366kbbl on the week to 9.331mbbl.
- Light distillates fell by 1,669kbbl on the week to 13.485mbbl after rising to the highest since April last week.
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ITALY T-BILL AUCTION RESULTS: 6-Month BOT
Jul-29 09:11
| Type | 6-month BOT |
| Maturity | Jan 30, 2026 |
| Amount | E6.5bln |
| Target | E6.5bln |
| Previous | E1.5bln |
| Avg yield | 1.993% |
| Previous | 1.950% |
| Bid-to-cover | 1.48x |
| Previous | 1.64x |
GILT AUCTION RESULTS: Another strong 3-year gilt auction
Jul-29 09:07
- Another strong 3-year gilt auction for the 4.375% Mar-28 gilt.
- The tail of 0.2bp was a little wider than the previous auction's 0.1bp but still very tight while the lowest accepted price (LAP) of 101.057 is higher than any other time of the day (excluding the first 10 minutes of trading).
- The price of the 4.375% Mar-28 gilt is still trading below that of the LAP at the time of writing but is moving higher. Gilt futures have shown little movement despite the strong result.
GILT AUCTION RESULTS: 4.375% Mar-28 Gilt
Jul-29 09:03
| 4.375% Mar-28 Gilt | Previous | |
| Amount | GBP5.00bln | GBP5.00bln |
| Avg yield | 3.941% | 3.847% |
| Bid-to-cover | 3.71x | 3.46x |
| Tail | 0.2bp | 0.1bp |
| Avg price | 101.062 | 101.327 |
| Low price | 101.057 | 101.324 |
| Pre-auction mid | 101.039 | 101.311 |
| Previous date | 02-Jul-25 |
