Written Commentary
Market Update
- Support was offered to the market over the weekend as a result of the shutdowns in the gulf coast due to hurricane Ida. Storm has now passed over the area and restoration of oil production has begun. Colonial pipeline opened last night line 1 and line 2.
- OPEC to meet tomorrow to decide if to continue with raising the production by 400k a day as agreed last month. Market has been volatile during this period, but the cartel is likely to maintain the increase in production levels.
- Data showed that the Chinese economy did slow during the period where restrictions on mobility were imposed by the government in order to contain the spread of the delta variant.
Oil Data Release
- API
- Crude Exp -2.6 Prev -1.6
- Distillates Exp -0.5 Prev -0.2
- Gasoline Exp -1.0 Prev -1.0
Macro Data Release
- MNI Chicago PMI Exp 68 Prev 73.4
- Conf. Board Consumer Confidence Prev 108.4
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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