Market Update
- Market recovering after yesterdays steep fall. Settlement below $70 on brent and WTI and front spread on WTI nearing contango. Brent spreads dropped 57 after trading above 80 in the past 10 days.
- Primary reason offered is the resurgence of COVID particularly in Asia and UK. Most markets experienced a fall yesterday as investors feel that the recovery of the world economies may not be a smooth as first expected
- Clearly the agreement of the OPEC+ nations to increase production alleviates the worries that the supply will be able to cope with increased demand for oil as a result of the recovering economies adding fuel to the sell off. Though the jury is out on whether this increase of production is enough to satisfy demand.
Oil Data Release
- API Data
- Crude Exp -3.8 Prev -4.1
- Dist Exp 0.8 Prev 3.7
- Gasoline Exp -1.4 Prev -1.5
Macro Data Release
- Housing Starts Exp 1.6 Prev 1.6
Contact the ADMISI Energy Desk
Marco Saggese, Sharon Mitchell, Tony Scuderi
Phone: +44 (0)20 7716 8550 Email: energy.desk@admisi.com
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Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2024 ADM Investor Services International Limited.
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