Written Commentary
Market Update
- Market steadier than the recent days. Little change in the influencing factors.
- On the more positive side, US driving season continues in earnest despite Covid cases rising, China claims to have subdued the delta variant outbreak and opening up the economy again whilst draws in the US stocks yesterday provided further bullishness
- Worries for a potential decline in demand as a result of the delta variant continue to contain any bullishness. Potential travel restriction could be imposed on the USA by Europe as the delta variant cases continue to rise.
- OPEC+ meeting next week will provide some direction to the market. Uncertainty over the continuation of the planned increase of production may have receded after the recent rally, backwardation in brent rising, trading on the first two contract 97 and 67 respectively.
- The top American negotiator on the Iranian nuclear deal says that they are prepared to compromise on certain issues if the Iranians are prepared to do the same.
- Dollar will also be a focus as the fed reveals its plan to temper their stimulus package today.
Oil Data Release
Natural Gas Exp 40 Prev 46
Macro Data Release
- Initial Jobless Claims Exp 350k Prev 348k
- GDP Annualised QoQ Exp 6.7% Prev 6.5%
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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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