NATGAS: TTF Drops to New Intraday Lows
Dec-13 13:58
TTF has erased earlier gains to dip to new intraday lows and the lowest level since Nov. 13
- TTF JAN 25 down 1.2% at 42.29€/MWh
- TTF Q1 25 down 1.1% at 42.37€/MWh
- News of Hungary and Bulgaria finding a way to pay Gazprom for deliveries without falling under US sanctions is likely a bearish factor.
- Hungary and Bulgaria agreed to a “legal-financial” solution for payment of Russian gas transfers, Hungarian Foreign Minister Peter Sziijarto said, cited by Bloomberg. The agreed solution will not fall under sanctions on Gazprom bank, he said.
- The earlier rise in TTF was supported by Russian strikes on Ukrainian gas infrastructure.
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STIR: Dovish Fed Pricing Shift On CPI, 20bp Cuts Priced For Next Month
Nov-13 13:55
Soft unrounded core CPI data drives the initial dovish reaction in the short end, with the recent hawkish positioning trend probably factoring into the move as well.
- Fed Funds futures show 20bp of cuts for next month, 42bp through March, 60bp through June and 78bp through December ’25.
- That compares to 15.5bp, 36bp, 57bp and 68bp ahead of the data.
- Little to move the needle in initial comments from Minneapolis Fed President Kashkari (Minneapolis Fed will not be an FOMC voter until ’26), a reminder that he already spoke yesterday.
US TSY FUTURES: BLOCK: Dec'24 10Y Sale
Nov-13 13:50
- -5,000 TYZ4 109-25, post time bid at 0841:41ET, DV01 $314,000. THe 10Y contract trades 109-23.5 last (+10).
US TSY FUTURES: BLOCK: Dec'24 FV Post-Data Buys
Nov-13 13:47
- The 5Y contract trades 106-23.5 last (+7.5):
- +7,000 FVZ4 106-26, buy through 106-25.5 post time offer at 0838:20ET, DV01 $291,000
- +10,500 FVZ4 106-22.5, buy through 106-22 post time offer at 0831:00ET, DV01 $436,000
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