Written Commentary
Market Update
- Market fell yesterday on continued worries of the spread of the delta variant, particularly in China. Thailand and Indonesia have also been affected
- Consumption has noticeably fallen in the region
- Brent spread has dropped to below 70 cents, perhaps offering some fundamental support to the sell off
- Iranian nuclear talks and therefore potential lifting of economic sanctions on Iran are likely to be more difficult now after the attack on the oil tanker as US, Israel and UK vow to respond
Oil Data Release
API
Crude Exp -2.9 Prev -4.7
Distillates Exp -0.7 Prev -1.9
Gasoline Exp -1.2 Prev -6.2
Macro Data Release
Factory Orders Exp 1.0% Prev 1.7%
Durable goods Exp 0.8% prev 0.8%
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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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