OIL: Singapore Total Oil Stocks Dipped by 367kbbl in Week to May 14
May-15 09:09
Singapore total oil inventories fell by 367kbbl to 42.513mbbl in the week to May 14 and towards the low of the year seen in early March, according to Enterprise data cited by Bloomberg/Reuters.
- Fuel oil stocks fell by 1.2mbbl on the week to the lowest since March 12 at 19.387mbbl, amid improvement in Singapore bunker demand and despite an uptick in net imports. Total imports rebounded to nearly 850k tons mainly from Brazil, Iraq, and the US. Total tank exports also rose above 500k tons, with most heading for China.
- Middle distillate stocks rose by 984kbbl on the week to 9.893mbbl, to the highest since late March.
- Light distillates fell by 196kbbl on the week to 13.233mbbl with little net change so far this month.
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GILT AUCTION RESULTS: Decent auction - concession pricing removed
Apr-15 09:07
- Similar 10-year auction result to March with a marginally tighter tail at 0.4bp (vs 0.5bp) but the lowest accepted price (LAP) coming in only just above the pre-auction secondary market price.
- The volume of bids was broadly in line with that seen last month too (with a respectable bid-to-cover of 2.85x vs 2.92x prior).
- The concession priced into gilts ahead of the auction has been reversed and we are now trading at similar levels seen around 10 minutes prior to the bidding window closing in both the 4.50% Mar-35 gilt and in futures.
GILT AUCTION RESULTS: 4.50% Mar-35 Gilt
Apr-15 09:03
| 4.50% Mar-35 Gilt | Previous | |
| Amount | GBP4.00bln | GBP4.00bln |
| Avg yield | 4.638% | 4.679% |
| Bid-to-cover | 2.85x | 2.92x |
| Tail | 0.4bp | 0.5bp |
| Avg price | 98.905 | 98.580 |
| Low price | 98.873 | 98.542 |
| Pre-auction mid | 98.872 | 98.520 |
| Previous date | 12-Mar-25 |
MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
Apr-15 09:00
- MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
- MNI: GERMANY ZEW APR CURRENT CONDITIONS -81.2
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