REFINING: Works on Crude Unit at Catlettsburg Refinery for Several Weeks
Nov-02 10:22
The crude 3 unit at Marathon’s 291k b/d Catlettsburg refinery in northeastern Kentucky will be offline for several weeks after a halt on Tuesday for maintenance according to Bloomberg sources.
- Catlettsburg has been undergoing planned works on multiple units since September.
- Crude 5 was shut for work on Oct. 14-26 while the 22k b/d low-pressure catalytic cracker reformer and a distillate desulfurizer works are expected until the fourth week in November.
- The two crude units are approximately equal size and process both sweet and sour crude with products feeding Chicago and NY Harbor markets.
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SCANDIS: FX Steady, 10Y SGBs Eye Highest Yield Since 2011
Oct-03 10:23
Scandi FX largely steady on the day, with local headline flow light alongside the Eurozone.
- Modest stabilisation of market sentiment (with EURUSD and European equities off weekly lows) is yet to buoy high beta Scandi FX. NOK/SEK sits below the 200-day EMA at 1.0219, with 1.0121 (July 18 low) the next supportive level.
- EURNOK hovers around the 11.40 handle, which was a key support over August and September, and held despite Norges Bank's commitment to another rate hike this year.
- 10-Year SGBs underperform German counterparts this morning, with yields approaching 3.104% (Sep 28 high and highest since 2011). The 10-Yr Bund/SGB spread sits 4.5bps wider on the day at 16.1bps amid broader FI weakness.
- Tomorrow, Sweden's services PMI will be of interest, particularly given Riksbank members' (in particular Deputy Gov. Breman and Gov. Thedeen) concerns with services inflation evident in the September minutes yesterday.
STIR: Short Setting Seemed To Dominate SOFR On Monday
Oct-03 10:13
The combination of yesterday’s bear steepening on the SOFR strip and preliminary open interest data point to short setting being the dominant positioning factor on the SOFR strip on Monday.
- The reds saw the most pronounced round of apparent short setting on a pack basis, although pockets of long cover were seen across the curve.
| 02-Oct-23 | 29-Sep-23 | Daily OI Change | Daily OI Change In Packs | ||
| SFRU3 | 1,013,069 | 1,012,909 | +160 | Whites | +19,575 |
| SFRZ3 | 1,395,981 | 1,400,063 | -4,082 | Reds | +33,735 |
| SFRH4 | 957,468 | 951,320 | +6,148 | Greens | +11,021 |
| SFRM4 | 928,205 | 910,856 | +17,349 | Blues | +4,308 |
| SFRU4 | 815,173 | 811,843 | +3,330 | ||
| SFRZ4 | 942,889 | 916,828 | +26,061 | ||
| SFRH5 | 547,093 | 548,007 | -914 | ||
| SFRM5 | 570,751 | 565,493 | +5,258 | ||
| SFRU5 | 505,354 | 499,191 | +6,163 | ||
| SFRZ5 | 499,596 | 487,510 | +12,086 | ||
| SFRH6 | 309,236 | 314,541 | -5,305 | ||
| SFRM6 | 258,621 | 260,544 | -1,923 | ||
| SFRU6 | 206,576 | 206,716 | -140 | ||
| SFRZ6 | 180,775 | 176,761 | +4,014 | ||
| SFRH7 | 130,409 | 131,431 | -1,022 | ||
| SFRM7 | 136,121 | 134,665 | +1,456 |
LOOK AHEAD: Tuesday Data Calendar
Oct-03 10:10
Limited data release Tuesday, focus on ADP early Wednesday ahead Fri's September Jobs data
- US Data/Speaker Calendar (prior, estimate)
- Oct-3 0800 Atlanta Fed Pres Bostic, moderated discussion on Eco-outlook
- Oct-3 1000 JOLTS Job Openings (8.827M, 8.815M)
- Oct-3 1130 US Tsy $44B 52W, $65B 42D CMB bill auctions
