OIL PRODUCTS: US Gasoline Implied Demand Falls to Lowest Seasonally Since 1998

Oct-04 15:04

The latest weekly EIA oil data showed four week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.

  • The demand is about 680kbpd below the previous five year average as high domestic pump prices are weighing on demand after the end of the peak summer driving season. The extreme reaction is unexpected so may see a levelling out in the coming weeks according to BNEF.
  • Diesel weekly demand also fell but the four week average implied demand remained relatively unchanged in the week to hold just above the previous five year average.


Source: MNI / EIA

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EURIBOR OPTIONS: Dec23 Combo Buyer

Sep-04 15:01

ERZ3 95.625 put/96.625 call combo (vs 96.125) - buys the call for 0, 0.25, and 0.5 in 8.5k

SPAIN: Acting Dep PM Meets w/Junts Leader To 'Open New Era Of Solutions'

Sep-04 14:57

Spain's Acting Deputy PM Yolanda Diaz is in the Belgian capital Brussels for talks with exiled former Catalan regional president Carles Puigdemont. Talks come as acting PM Pedro Sanchez's left-leaning alliance of parties attempt to garner the support of Puigdemont's pro-independence Junts per Catalunya party in any investiture vote in parliament.

  • The meeting does not come in any official capacity, with Sanchez's centre-left Spanish Socialist Workers' Party (PSOE) stating that Diaz was talking to Puigdemont in her capacity as head of the far-left Sumar party. A statement from Sumar said the meeting was "another step in our firm bid to open a new era of solutions based on dialogue and democracy". Nevertheless, in-person talks add credence to speculation that a deal might be possible between Sanchez's bloc and Junts.
  • With widespread expectations that centre-right Popular Party (PP) leader Alberto Nunez Feijoo will fail in both investiture votes on 27 and 29 September, Sanchez has a window of under two months to secure the backing of Junts in order to succeed in his own investiture vote (which must be successful within 41 days of Feijoo's vote to avoid a snap election).
  • Even if an agreement can be reached that sees Sanchez retain the PM's office, it does not mean an end to uncertainty in Spanish politics. The gov't would be vulnerable to no-confidence votes should they not follow through on any eventual promises regarding self-determination referendums or amnesties for those involved in the illegal 2017 Catalan independence referendum.

OPTIONS: Expiries for Sep05 NY cut 1000ET (Source DTCC)

Sep-04 14:14
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