TTF NATGAS TECHS: (U5) Cracks Bear Trigger

Senate Majority Leader John Thune (R-SD) has teed up a ‘vote-a-rama’ on President Trump’s USD$9 billion rescissions package at around 13:30 ET 18:30 BST today, after OMB director Vought yesterday agreed to remove USD$400 million of cuts from PEFAR, a George W. Bush-era HIV/AIDS prevention program.

• Thune indicated that the removal of PEFAR is likely to be the only change to the final package, which should allow the bill a relatively smooth track back through the House to Trump’s desk.
• In the lower chamber, House Speaker Mike Johnson (R-LA) is expected to rerun a procedural vote on two crypto bills, after 12 conservatives sank a rule vote yesterday. No vote timings have been released.
• Trump said on Truth Social, shortly after the failed crypto vote: “I am in the Oval Office with 11 of the 12 Congressmen/women... they have all agreed to vote tomorrow morning in favor of the Rule.”
• Punchbowl notes Dems are not whipping against the crypto bills: “…we expect several Democrats to back the GENIUS Act — which would introduce regulations to stablecoins — but oppose the CLARITY Act. That bill would reorganize the responsibilities of federal financial regulators for crypto.”
• House Ways and Means Committee will meet at 09:00 ET 14:00 BST to discuss altering the tax code per the crypto regulatory changes under consideration. The panel will hear testimony from industry players, including the Coin Center Director of Policy, the Blockchain Association CEO, and the VP at Fidelity Investments.

• MNI: US JUN INDUSTRIAL PROD +0.3%; CAP UTIL 77.6%
• US MAY IP REV TO +0.0%; CAP UTIL REV 77.5%
• US JUN MFG OUTPUT +0.1%

SFIU5 96.15/96.10/96.05 put ladder paper paid 0 on 2K, 8K trades all day.