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COLOMBIA: Ecopetrol Restricts Natural Gas Supplies Amidst Ongoing Drought

COLOMBIA
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  • Ecopetrol is reported to be restricting sales of natural gas for vehicles, as it prioritises supplies for thermal plants due to the ongoing drought, according to Bloomberg. This follows earlier reports that utility providers in Bogota are considering cutting power supplies amidst delays in the construction of new transmission lines and continued reliance on hydro power, which provides around 2/3 of the country’s power needs. Leading utility Grupo Energía Bogotáo previously warned of potential power interruptions as soon as next year.
    • BanRep will consider risks to utility prices, as well as the impact of diesel price hikes and the recent truckers’ strike when it weighs whether to step up the easing pace at its Sept 30 MPC meeting.
    • Finance Minister Bonilla continues to argue for a larger 75bp cut, but BanRep co-director Taboada recently said that the risk of sudden deterioration in the peso can’t be ruled out, which demands caution about monetary policy, even as she noted the worst on inflation was over.
    • USDCOP has opened marginally higher today at 4170, but the pair remains 2.3% below Tuesday’s highs, aided by the recovery of oil prices this week. USDCOP traded as high as 4300 last week.
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  • Ecopetrol is reported to be restricting sales of natural gas for vehicles, as it prioritises supplies for thermal plants due to the ongoing drought, according to Bloomberg. This follows earlier reports that utility providers in Bogota are considering cutting power supplies amidst delays in the construction of new transmission lines and continued reliance on hydro power, which provides around 2/3 of the country’s power needs. Leading utility Grupo Energía Bogotáo previously warned of potential power interruptions as soon as next year.
    • BanRep will consider risks to utility prices, as well as the impact of diesel price hikes and the recent truckers’ strike when it weighs whether to step up the easing pace at its Sept 30 MPC meeting.
    • Finance Minister Bonilla continues to argue for a larger 75bp cut, but BanRep co-director Taboada recently said that the risk of sudden deterioration in the peso can’t be ruled out, which demands caution about monetary policy, even as she noted the worst on inflation was over.
    • USDCOP has opened marginally higher today at 4170, but the pair remains 2.3% below Tuesday’s highs, aided by the recovery of oil prices this week. USDCOP traded as high as 4300 last week.