LNG: US Surpasses Algeria as Main Gas Supplier to Spain
May-09 15:01
Spanish LNG imports from the US rose to a 35% share of total gas imports in Jan-April 2025 compared to just over 20% in the same period last year, according to data from Spanish gas grid operator Enagas cited by Reuters.
- The US has surpassed the combined pipeline and LNG supply from Algeria to become the main gas supplier to Spain.
- The US supplied the equivalent of 45,932 GWh of gas compared to 24,885 GWh a year earlier, Enagas data showed.
- The increase comes as imports of Russian LNG declined from a share of 22.4% last year to just 13.3% in Jan-April this year.
- Spain's overall gas demand declined by 3%, Enagas said.
- Demand is forecast to decline by 5% year over year in July, reaching 22.4 TWh, with reductions in both conventional and power sector demand and following a 6% year on year decline in June, according to Enagas, cited by Platts.
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TARIFFS: Greer Says Trump Admin Is "Open To Negotiating With Willing Partners"
Apr-09 14:57
United States Trade Representative Greer has stated, in testimony to the House Ways and Means Committee, that President Donald Trump is “open to negotiate with countries that actually want to pursue reciprocal trade.” LIVESTREAM
- Greer notes that he spoke with counterparts from the EU, Canada, and Mexico yesterday. Says there is an “opportunity” for countries to “bring down their tariffs.”
- Greer adds later: "The President has directed that we're negotiating with willing partners, and that's where I get my guidance from."
- Greer notes, "there are no exceptions or exclusions" to the tariff programme, suggesting that the Trump administration sees bilateral trade deals as the primary route to tariff relief.
- Greer says he has had frequent meetings and conversations with his UK counterparts on "how to move the economic relationship forward". He says that he has expressed his concerns with UK barriers to US agricultural imports, noting that is “very important to us.”
- The hearing is ongoing and could last around four hours, if yesterday’s corresponding Senate hearing is a guide.
STIR: BLOCK UPDATE
Apr-09 14:54
- Total 48,000 SFRM5 96.25/96.87 call spds from 9.0-8.5 ref 96.10 to -.095
CDS: Markit iTraxx EUR Main On Track For Another Cycle Closing High
Apr-09 14:53
The iTraxx EUR main index is on track for another fresh cycle closing high, even with equities off session lows, as tariff pressure continues to be felt in Europe.
- The double top area from October ’23 (89.9bp) protects the next round number of note to the upside (90bp).
- Note that the index hasn’t managed to retest Monday’s intraday high (89.7bp).
Fig. 1: Markit iTraxx Europe Main Index
Source: MNI - Market News/Bloomberg
