Written Commentary
Market Update
- API data crude stockpiles fell 5.36M bbl last week. This leant further support to the recent rally and Brent’s climb over $70. USA and China economies quoted as one of the drivers, whilst the pandemic recedes in USA and Europe. Caveat here seems to be Asia where new COVID variants are posing a threat of further lockdowns beyond India.
- Conversely Gasoline stockpiles grew 2.51M bbl and distillates 1.59M bbl, this despite reports of increase in demand for gasoline
- Iranian Nuclear deal talks are expected to resume next week.
Oil Data Release
- DOE data release EXP crude -2.4 Dist -2.12 Gasoline -1.8
Macro Data Release
- ADP Employment change Exp 650k, Prev 742k
- Initial jobless claims Exp 387k, Prev 406k
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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