Written Commentary
Market Update
- Bullishness has been taken out of the market as fears of the spread of the delta variant hampers the expectations of economic recovery
- Weakness seen throughout the commodity market as well as a strengthening dollar adding weight to the sentiment
- APIs also showed a rise in crude stocks for the first time in two months reversing that trend. Builds also seen in gasoline, considered an exception during the normally busy driving season
- Internal disagreement within the Iranian government over the nuclear deal and sanctions talks. Likelihood of sanctions being lifted remain low as legislation to expand atomic activity and reduce nuclear inspections hampers negotiations. The new ultra conservative president takes office on August 3rd, when it is likely talks will resume .
Oil Data Release
- DOE Data
- Crude Exp -3.9 Prev -7.9
- Dist Exp 1.1 Prev 3.7
- Gasoline Exp -1.0 Prev 1.0
Macro Data Release
- MBA Mortgage Applications Prev 16.0%
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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