REFINING: US REFINERY MAINTENANCE SCHEDULE
Mar-28 16:57
- Flint Hills shut the 58kbpd FCC at the Corpus Christi West, Texas, refinery on 27 March, after two small fires on 26 and 27 March according to a TCEQ filing and Bloomberg sources.
- TotalEnergies’ Port Arthur refinery shut multiple units on 22 March after a fire at a reformer according to Bloomberg and Reuters sources. Some units have restarted since.
- See PDF for the latest refinery maintenance update for the US: https://roar-assets-auto.rbl.ms/files/60585/MNI%20...
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US STOCKS: Equities Roundup: Close to Home, Energy, IT Outperforming
Feb-27 16:56
- Stocks are holding mildly mixed levels ahead midday, inside range with S&P Eminis and the Dow lagging Nasdaq at the moment: S&P E-Minis are down 2.5 points (-0.05%) at 5078.25, DJIA down 178.63 points (-0.46%) at 38891.36, Nasdaq up 34.4 points (0.2%) at 16010.21.
- Laggers: Energy and Information Technology sectors underperformed in the first half, oil and gas shares weighing on the former: Hess Corp -3.08%, Chevron -2.14% -- both pressed on headlines that Chevron's $53B deal to buy Hess was in question with a potential bid challenge from Exxon (+0.12%). Meanwhile, software and services shares weighed on the IT sector: Adobe -1.52%, Service Now -1.03%, Fair Isaac -0.98%.
- Leading Gainers: Utilities and Consumer Discretionary sectors underperformed in the first half, electric and multi-energy providers weighed the former: after beating earnings and raising their dividend by 25% - Constellation Energy surged by +12.84%, Public services Enterprises a distant second +2.58% while AAEP gained 2.38%. Auto and parts makers supported he Discretionary sector in the first half: Aptiv +2.04%, Borg Warner +1.69%, Tesla +1.44%.
- Looking ahead: corporate earnings after the close include: California Resources, Devon Energy, Agilent Technologies, Vizio, First Solar, eBay and Beyon Meat.
ITALY: Sardinia Loss Blow To PM; Closely Watched Ahead Of EP, Regional Elections
Feb-27 16:52
PM Giorgia Meloni has been dealt her most significant electoral blow since taking office in 2022, with the centre-right coaltion headed by Meloni's right-wing conservative Brothers of Italy (FdI) losing control of Sardinia in the 25 Feb regional election. In the event, the centre-left coalition involving the main opposition Democratic Party (PD) and the anti-establishment 5-Star Movement (M5S) won a narrow victory, garnering 45.4% of the vote to the centre-right's 45.0%. Alessandra Todde from the M5S will become the party's only sitting regional president following her win over the FdI's Paolo Truzzu.
- Sardinia is not a stronghold for either the left or right, with control having flipped between the two sides in recent elections. As such, the loss for Meloni's coalition will be closely scrutinised given that four other regions all governed by the centre-right coalition at present (Abruzzo, Basilicata, Piedmont and Umbria) hold elections in 2024. There are also the upcoming European Parliament elections in June.
- Nationwide polling shows the FdI as the most popular party, but the Sardinian election took place amid clear divisions within the centre-right coalition. The formation of alliances ahead of the EP election is yet to take place, and should the difficulties seen in the 25 Feb vote continue it could dampen support for Meloni's coalition once again.
US TSYS: US TSY 42D AUCTION: HIGH RATE 5.290%; 95.22% AT HIGH
Feb-27 16:31
- US TSY 42D AUCTION: HIGH RATE 5.290%; 95.22% AT HIGH
- US TSY 42D BILL AUCTION: DEALERS TAKE 43.09% OF COMPETITIVES
- US TSY 42D BILL AUCTION: DIRECTS TAKE 3.08% OF COMPETITIVES
- US TSY 42D BILL AUCTION: INDIRECTS TAKE 53.83% OF COMPETITIVES
- US TSY 42D AUCTION: BID/COVER 2.61
