Written Commentary
Source of both tables: Bloomberg
Market Update
- High volatility in the gas and power markets reflected in the movements of the oil market.
- Gas shortage world wide caused the gas markets to rise 40% in a short space of time. This rise was then curbed on the news that Russia could increase its supply to Europe to help the shortage. Market reversed its direction immediately after this announcement.
- Meanwhile supply issues were alleviated somewhat by the DOE data proving bearish, whilst the U.S. government announced the release of 60M barrels from its reserves. Market reflected that this was would only ease the situation in the short term and this was more a gesture to the OPEC+ nations that they might increase their production over the promised 400k barrels a day for the month of October
- Shale producers continue to expand at a modest rate despite the rise of the oil price this year.
Oil Data Release
Natural Gas Exp 107 Prev 88
Macro Data Release
- Initial Jobless Claims Exp 348k Prev 362k
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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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