REFINING: Total Gonfreville Refinery Unit Trip on Jan 9
Jan-10 12:06
TotalEnergies reported the trip of a unit at the Gonfreville Normandy oil refinery on Jan 9 according to a community alert.
- The unit, which tripped at around 6:15pm, was not specified
- The Normandy refinery and a petrochemical plant platform in NW France converts 12m metric tons of crude oil into some 200 products, including gasoline, diesel, kerosene, lubricating oils and plastic pellets according to TotalEnergies website.
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OUTLOOK: Price Signal Summary - Trend Condition In Bunds Remains Bullish
Dec-11 11:58
- In the FI space, Bund futures maintain a firmer short-term tone following last week’s continuation higher. On Nov 29, the contract traded above 132.09 the Nov 17 high, confirming a resumption of the uptrend. That break higher maintains the bullish price sequence of higher highs and higher lows and sights are on the 136.00 handle next. Initial firm support lies at 132.81, the 20-day EMA. A short-term pullback would be considered corrective.
- Gilt futures rallied sharply higher last week. The latest gains resulted in a break of resistance at 98.05, the Nov 17 high, reinforcing bullish conditions and confirming a resumption of the current uptrend. The break higher paves the way for a climb towards 99.41, a Fibonacci projection. On the downside, firm support lies at 96.10, the Nov 30 low. Key short-term trend support has been defined at 95.25, the Nov 24 low. First support is at 97.43, Friday’s low.
US TSYS: Heavy Issuance Schedule Leads With CPI/FOMC On Horizon
Dec-11 11:57
- Cash Tsys trade 2-3bp cheaper as the front end builds on Friday’s on net hawkish payrolls report to extend fresh lows for levels last seen Nov 28, whilst longer-dated tenors push lower but remain within Friday’s range.
- TYH4 at 110-06 (-02+) sits close to the day’s low of 110-03+ but doesn’t yet trouble support at 109-23+ (20-day EMA). The decline is deemed a corrective pullback with resistance at 111-09+ (Dec 7 high).
- Issuance headlines today with double note and double bill supply. Otherwise it’s a very light data docket, with only NY Fed inflation expectations for Nov slated but it’s of more note than usual after particular volatility in the U.Mich survey. On the horizon, tomorrow’s CPI report before the FOMC decision on Wednesday.
- Data: NY Fed inflation expectations (1100ET)
- Note/bond issuance: US Tsy $50B 3Y Note (1130ET), US Tsy $37B 10Y Note re-open (1300ET).
- Bill issuance: US Tsy $68B 26W bills (1130ET), US Tsy $75B 13W Bills (1300ET)
CANADA: Politics Week: No Holiday Cheer As Conservatives Slow Votes
Dec-11 11:46
- Conservative opposition continues to push Liberals on housing squeeze and carbon tax, forcing late night procedural votes as holidays approach.
- More sparring between federal government and oil-rich province of Alberta as Ottawa announces “Roadmap for the Decarbonization of Canada's Oil and Gas Sector” and Premier Danielle Smith criticizes the plan.
- Angus Reid poll: Three-in-five (61%) Canadians choose the cost of living as the top issue facing the country.
- House Speaker Greg Fergus apologizes for appearing at a Liberal event and a committee is reviewing if he showed inappropriate partisanship. (Fergus is a Liberal MP and it’s another flap shortly after the last speaker quit for inviting a former Nazi soldier to a Zelensky visit.)
- Polling aggregator 338Canada shows Conservatives likely to win a majority government if an election were held now. Election is due in 2025 under a traditional four-year mandate but the Liberals rely on NDP to pass confidence motions and avoid an earlier campaign.
- Sample headline: Tom Mulcair: Poilievre keeps scoring into the Liberals' empty net (CTV)
