US LNG: Trinidad LNG Exports Surge to 5-Year High in July: Platts
Aug-14 11:34
Trinidad and Tobago’s LNG exports reached their highest level in nearly five years in July, despite no significant change in domestic gas supply, Platts said.
- Exports from the Atlantic LNG facility totalled 42.49 Bcf, a 17% rise from June’s 36.38 Bcf and the largest monthly volume since August 2020. This was 38% higher than July 2024 and 31% above July 2023.
- Industry sources attributed July’s surge to scheduling of cargoes rather than increased gas production.
- Chile was the top destination with 10.61 Bcf, almost triple June’s figure, followed by South Korea with 7.20 Bcf, its highest level since 2013. Argentina, Colombia and Italy each received 7.05 Bcf. Egypt took 3.53 Bcf.
- Separately, on 12 August, the government signed a production-sharing contract with ExxonMobil for exploration in the Ultra Deep 1 block in the eastern deepwater area, aiming to develop new oil and gas resources.
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US: Yields, USD Improve into NY Crossover as Bessent Reassures on China Trade
Jul-15 11:31
Greenback is edging higher into the NY crossover, with gains slightly accelerating on the break above the overnight highs in USD/JPY at Y147.89. Moves follow the appearance from Treasury Secretary Bessent who seemed calm over the looming tariff deadlines (both the reciprocal tariffs deadline on August 1st and the deadline for a settled deal with China on August 12th).
- Markets similarly looking through most of his comments on the Fed chair. Most notably Bessent rebuffed expectations that Trump is looking to fire Powell, but the formal process has already started - which may be helping aide yields off lows and modestly underpin the dollar here.
US TSYS: Curves Twisting Flatter
Jul-15 11:28
- Treasury futures have been retreating from late overnight highs the last 45 minutes, curves twist flatter with 2s-10s in the red at the moment, (2s10s -2.488 at 50.651, 5s30s -2.011 at 96.660).
- Not particularly headline driven (Tsy Sec Bessent headlines derivative, see 0719ET bullet), more flow driven on moderate volumes (TYU5 292k) in the lead-up to June CPI at 0830ET.
- Tsy Sep'25 10Y futures trade -2 at 110-22.5 (110-20.5 overnight low), technical support at 110-20/17 (Low Jul 14 / 61.8% of the May 22 - Jul 1 bull leg).
OUTLOOK: Price Signal Summary - Bear Cycle In Gilts Still In Pay
Jul-15 11:27
- In the FI space, Bund futures are trading higher today. However, a bear cycle remains intact. Last Friday’s extension resulted in a break of 129.30, the May 22 low. The breach strengthens the current bearish theme and exposes the next key support at 128.97, the May 14 low and a bear trigger. On the upside, resistance around the the 50-day EMA, at 130.31, marks the key short-term hurdle. A clear breach of it is required to highlight a possible reversal.
- A bear cycle in Gilt futures remains in play and last week’s sell-off reinforces this theme. The contract has breached support at 91.63, the Jul 2 low. Price has also pierced 91.50, the 61.8% retracement of the May 22 - Jul 1 bull leg. The move down exposes 90.97, the 76.4% retracement point. Clearance of this level would strengthen a bearish theme. On the upside, initial firm resistance is at 92.29, the 20-day EMA.
