NATGAS: Waha Gas Hub Price in West Texas Soars: RBC Capital Markets
The Waha hub price surged from near zero to as much as $3.50/MMBtu due to sub-freezing temperatures curtailing Permian production.
- Analyst Scott Hanold said as much as 1 bcf/d of Permian production, around 5%, is expected to be impacted for a few days this week.
- The forecast calls for colder-than-normal temperatures across most of the lower-48 states.
- Waha gas hub was $3.24/MMBtu on Tuesday, almost triple from $1.12 Jan 2.
- Bloomberg data show Texas gas production was down 8.15% from a week ago.
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US: Strong Voter Support For ACA Prompts Trump Strategy Reset On Health Care
A new survey from Gallup has found that a majority of Americans approve of the Affordable Care Act, a sign that US President-elect Donald Trump’s evolving position on healthcare is a response to increased support for government health provisions.
- Semafor notes on the survey: “The public is divided on whether a government-run healthcare system or a private system is better, but the share of Republicans who favor a government-run system — 21% — is the highest on record.”
- In his first broadcast network interview since winning the election, Trump suggested to NBC that he wouldn’t take another run at repealing the Affordable Care Act: “Obamacare stinks. It’s lousy. There are better answers. If we come up with a better answer, I would present that answer to Democrats and to everybody else and I’d do something about it. But until we have that or until they can approve it — but we’re not going to go through the big deal. I am the one that saved Obamacare, I will say.”
- On one of his other campaign trail promises, free IVF care, Trump told NBC: “Well, we’re going to see. We want them to -- ideally the insurance companies to pay for it…”
Figure 1: Approval of the Affordable Care Act, by Political Party
Source: Gallup, Semafor
EURGBP TECHS: Trading Above Support
- RES 4: 0.8464 High Sep 11 and a key resistance
- RES 3: 0.8448 High Oct 31 and reversal trigger
- RES 2: 0.8404 76.4% retracement of the Oct 31 - Nov 11 bear leg
- RES 1: 0.8343/76 50-day EMA / High Nov 19 and a bull trigger
- PRICE: 0.8275 @ 16:18 GMT Dec 9
- SUP 1: 0.8260 Low Nov 11 and the bear trigger
- SUP 2: 0.8250 Low Apr 14 ‘22
- SUP 3: 0.8203 Low Mar 7 2022 and a major support
- SUP 4: 0.8200 Round number support
EURGBP is offered and key short-term support remains intact. Attention is on the bullish engulfing candle pattern on Nov 12, that highlights a possible reversal. 0.8260, the Nov 11 low, marks the key short-term support. A break of it would cancel the candle pattern and confirm a resumption of the downtrend. This would open 0.8203, the Mar 7 ‘22 low and major support. Key short-term resistance and a bull trigger is 0.8376, the Nov 19 high.
PIPELINE: $2.75B ANZ 4Pt Debt Issuance Launched, TD Guidance Updated
- Date $MM Issuer (Priced *, Launch #)
- 12/09 $2.75B #ANZ $650M 2Y +30, $350M 2y SOFR+47, $850M 5Y +55, $900M 5Y SOFR+85
- 12/09 $Benchmark Toronto-Dominion 2Y +45, 2Y SOFR+62, 5Y +72, 5Y SOFR+103
- 12/09 $Benchmark Bank of Montreal 2NC1 +47, 2NC1 SOFR
- 12/09 $750M Barnes Group 7NC3
- 12/09 $750M #VICI Properties 7Y +107
- 12/09 $Benchmark Arthur J Gallagher investor calls
- 12/09 $Benchmark M&T Bank investor calls
- Expected Tuesday $2B Saks Global 5NC2
