LNG: US LNG Feedgas Flows at Record High
Jan-10 11:03
US LNG feedgas flows increased to a record high of 420mcm/d this week boosted by the ramp up of operations at Plaquemines LNG, according to IEA analyst Greg Molnar.
- The flows equate to roughly 25% of global LNG supply and more than piped Russian gas exports to the EU in 2021. The US has solidified its position as the world's largest LNG exporter.
- US LNG export growth in 2025 will be driven by Plaquemines LNG, Corpus Christi stage 3 expansion and stronger exports expected from Freeport LNG and follows limited expansion in 2024.
- US LNG export terminal feedgas is estimated are a record high of 15.1bcf/d today, according to Bloomberg, with Plaquemines flows rising to a high of 0.81bcf/d.
Source: IEA
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OUTLOOK: Price Signal Summary - USDJPY Recovery Extends
Dec-11 11:03
- In FX, EURUSD has pulled back from 1.0630, the Dec 6 high. A resistance around 1.0574, the 20-day EMA, remains intact - for now. A close above this average would highlight a clear breach of it and signal scope for a stronger corrective recovery towards 1.0697, the 50-day EMA. An extension higher would also allow for an unwinding of the recent oversold condition. The medium-term trend direction is down. First support lies at 1.0461, the Dec 2 low.
- GBPUSD is trading closer to its most recent highs. Recent gains are considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, exposing the next firm resistance at 1.2830, the 50-day EMA. The medium-term trend direction remains down, the bear trigger lies at 1.2487, the Nov 22 low. First support to watch lies at 1.2617, the Dec 2 low.
- USDJPY is trading higher today, as the pair extends the recovery from 148.65, the Dec 3 low. The pair has traded through both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, 61.8% retracement of the Nov 15 - Dec 3 pullback. A reversal lower would signal the end of the latest bounce and refocus attention on the bear trigger at 148.65, the Dec 3 low.
US: SOFR FIX - 11/12/24
Dec-11 11:01
SOFR FIX - Source BBG/CME
- 1M 4.44351 -0.00301
- 3M 4.39545 0.00326
- 6M 4.29464 0.00866
- 12M 4.14866 0.01781
LOOK AHEAD: CPI Inflation for November
Dec-11 11:01
US Data/Speaker Calendar (prior, estimate). All times ET
- Dec-11 0700 MBA Mortgage Applications (2.8%, --)
- Dec-11 0830 CPI MoM (0.2%, 0.3%), YoY (2.6%, 2.7%)
- Dec-11 0830 Core CPI MoM (0.3%, 0.3%), YoY (3.3%, 3.3%)
- Dec-11 0830 Real Avg Hourly Earning YoY (1.4%, --)
- Dec-11 0830 Real Avg Weekly Earnings YoY (1.1% rev, --)
- Dec-11 1130 US Tsy $64B 17W Bill auction
- Dec-11 1300 US Tsy $39B 10Y Note re-open (91282CLW9)
- Dec-11 1400 Federal Budget Balance (-$314B, -$356B)
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