Written Commentary
Source of both tables: Bloomberg
Market Update
- Market steadier after two days negative run after builds in DOE stocks in the US were not as big as the API data suggested.
- Looking forwards estimates of demand versus supply for October and November see demand outstripping supply by 1.2M barrels and 900k barrels respectively.
- Therefore OPEC+ meeting is becoming more crucial as the planned 400k a day increase in supply will not satisfy demand.
- Add to this the high price of Natural gas allowing the prospect of increased demand for oil products as an alternative source for power generation. Demand for power particularly felt in China.
Oil Data Release
Natural Gas Exp 86 Prev 76
Macro Data Release
- Initial Job Claims Exp 330k Prev 351k
- GDP Annualised QoQ Exp 6.6% Prev 6.6%
- MNI Chicago PMI Exp 65 Prev 66.8
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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.
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