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Natgas - more bad news...

GILTS
  • As we have noted many times recently, gilt issuance is to a large extent a function of natgas prices and UK energy consumption.
  • As our Commodities team notes, European gas has surged 20% since reports of damage to both Nord Stream pipelines due to suspected sabotage and concerns for Russian supplies through Ukraine. (The UK contract is yet to trade this morning so far).
  • This is going to mean a potentially more expensive energy price support scheme for the UK government and hence potentially even more upside risks to issuance...
  • Today we will hear from MPC's Cunliffe at 9:15BST (although not specifically on monpol) and Dhingra after the close (the new MPC member who dovishly dissented last week)
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  • As we have noted many times recently, gilt issuance is to a large extent a function of natgas prices and UK energy consumption.
  • As our Commodities team notes, European gas has surged 20% since reports of damage to both Nord Stream pipelines due to suspected sabotage and concerns for Russian supplies through Ukraine. (The UK contract is yet to trade this morning so far).
  • This is going to mean a potentially more expensive energy price support scheme for the UK government and hence potentially even more upside risks to issuance...
  • Today we will hear from MPC's Cunliffe at 9:15BST (although not specifically on monpol) and Dhingra after the close (the new MPC member who dovishly dissented last week)