US NATGAS: Waha Falls to New Four-Month Low
Mar-19 12:45
The Waha natgas price was down $1.08/MMBtu yesterday to minus $1.18/MMBtu, putting it at a new four-month low. Capacity constraints due to maintenance continue to add pressure, despite some falls in end-user consumption
- Production from the Permian Basin was 20.2bcf/d, down around 1.6% on the day. This compares to a 30-day average of 20.53 bcf/d.
- Overall dry gas production in Texas was 29.6bcf/d, down around 0.01bcf/d, or 0% on the day.
- US Gulf end user demand yesterday was at 14.67bcf/d, down by around 0.04bcf/d. Demand is 1.57bcf/d below the 30-day average.
- Exports to Mexico from the US Gulf were weaker yesterday at 5.2bcf/d. This compares to 5.26 bcf/d the previous day and the 30-day average of 5.83 bcf/d.
- Net gas outflows from Texas to other states outside the US Gulf were 7.33bcf/d, up by around 0.62bcf/d. Outflows are 2.18bcf/d below the 30-day average.
- All flow numbers are from Bloomberg and are updated during the day. Current figures are as of the time of publishing.
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ESM ISSUANCE: 10-year Feb-35 syndication: Priced
Feb-17 12:38
- Reoffer: 99.063 to yield 2.859%
- Size: E2bln WNG
- Books closed in excess of E8.5bln (ex JLM interest)
- Spread set earlier at MS+42bps (guidance was MS+45 area)
- HR 98% vs 2.50% Feb-35 Bund (ref 100.16 + 37.8bps)
- Maturity: 26 February 2035
- Coupon: 2.75%, Long first
- Settlement: 24 February, 2025 (T+5)
- ISIN: EU000A1Z99W5
- Bookrunners: BofA (DM/B&D), DB, Santander
- Timing: TOE 12:22GMT / 13:22CET. FTT immediately.
From market source
JPY: Fading USD/JPY Adds to Bullish JPY Impetus
Feb-17 12:34
USD/JPY fade picking here slightly into (what would be) the US open - USD/JPY edges to a new pullback low at 151.42, marking a break through 151.65 and the overnight lows. Weakness here looks contained until any test or break through more notable support at 150.93 - the YTD low posted just over a week ago.
- Perhaps unsurprisingly volumes are lighter than average so far Monday with the US holidays, however activity is holding up pretty well: CME JPY futures show activity running ~15% below what you'd expect to see at this point in the session.
- As mentioned above, conviction over shorting EUR/JPY is building among the sell-side, and coincides with the failure of the cross to break technical resistance at the 50-day EMA in recent sessions - and should USD/JPY take out the bear trigger at 150.93, that makes two notable technical indicators pointing to JPY strength.
OPTIONS: Larger FX Option Pipeline
Feb-17 12:30
- EUR/USD: Feb18 $1.0300(E1.7bln), $1.0440-50(E1.3bln); Feb19 $1.0500(E1.5bln); Feb20 $1.0520-25(E1.5bln)
- USD/JPY: Feb19 Y155.00-20($1.7bln); Feb20 Y154.00($3.0bln)
- NZD/USD: Feb19 $0.5450(N$1.7bln)
- USD/CAD: Feb18 C$1.4295-00($1.5bln)
- USD/CNY: Feb20 Cny7.2000($1.9bln), Cny7.2500($1.4bln), Cny7.3700($1.3bln)
