US NATGAS: US LNG Weekly Recap
Nov-28 16:46
See Weekly Recap here: US_LNG_Weekly_2025-11-28.pdf
- Feedgas demand at US export facilities continues to hit new records, now closing in on 19 Bcf/d with demand on Nov 28 reaching 18.89 Bcf/d. Calcasieu Pass has pulled in record volumes this month. Sabine Pass too hit an all-time high on Nov 27, pulling in 5.21 Bcf/d of feedgas.
- Golden Pass: FERC gave Golden Pass permission to introduce fuel gas into the Train 1 gas turbine and dry flare header on Nov 25, which the terminal requested on Nov 24.
- Cameron LNG: FERC authorized Sempra’s Cameron LNG Expansion in Louisiana to continue work through 2033.
- Delfin LNG: The DOE has amended Delfin LNG’s long-term export authorization to Jun 1, 2031, granting the terminal a three-year make-up period to accommodate export volumes not originally included in its terms.
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FOREX: Risks Tilted Towards USDJPY Downside Over BOJ/FED Decisions
Oct-29 16:43
- We see hawkish risks headed into the BoJ decision Thursday. A full 25bps hike is not priced until March next year, potentially tilting markets for a more aggressive pricing of faster hikes after this week's meeting.
- Assuming an unchanged decision, the focus will be on hiking risks into year-end. While only a small minority of the BoJ board (we had two dissenters looking for a 25bps hike at the Sep meeting) sees the inflation goal as having already been met, the core membership of the board isn’t at this stage yet.
- In one of our recent exclusives, we highlighted that while U.S. trade policy may weigh on the Bank of Japan’s internal assessment of underlying CPI from late this year into early 2026, policymakers do not expect it to derail its rate-hike path from the December meeting onwards. Further confidence in this path of travel could spur repricing for December, supporting JPY as a result.
- An overnight USDJPY straddle incorporates a move of +/- 110 pips from current spot levels, potentially highlighting that key resistance around 153.25 (respected on Monday) will continue to cap the topside.
- Conversely, a move lower for USDJPY might garner more momentum given the more optimistic tone provided by US/Japan officials this week and as short-term positioning is squeezed. Market participants will also be aware that the politically driven gap at the start of the month has yet to be filled, and would require a move to 147.47 for this to happen. Interim support levels to watch are 151.19 (20-day EMA) and 149.38, the Oct 17 low.
OPTIONS: Larger FX Option Pipeline
Oct-29 16:04
- EUR/USD: Nov04 $1.1635-40(E1.3bln)
- USD/JPY: Oct31 Y152.50($1.2bln)
- USD/CAD: Oct31 C$1.3500($1.1bln)
MNI EXCLUSIVE: EC inflation forecasts will have to take account of ETS2
Oct-29 15:54
European Commission inflation forecasts will have to take account of the ETS2 carbon-trading scheme..-- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
