Written Commentary
Market Update
- Market recovers after yesterdays fall. The fall attributed to strengthening dollar
- Fundamentals back to the fore with focus back on OPEC+ struggle to reach an agreement on production for the rest of the year, offering a positive start to the day
- Market still looks tight, with contracts being fulfilled as no alternative supply available. Shale producers in the US are still not turning the taps on, though they are hedging against another fall on the market. Production is expected to rise in 2022
- Most expect OPEC+ to come to an agreement on production levels soon, which would explain the underwhelming reaction to the current market position we have.
Oil Data Release
API
Crude Exp -4.7 Prev -6.7
Distillates Exp -0.2 Prev -0.9
Gasoline Exp -2.3 Prev 1.5
Macro Data Release
MBA Mortgage Apllications Prev -6.9%
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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