Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
Market Update
- Market continues its steady climb towards the upper end of the trading range we have held since early February, driven by continued positive outlook for the US economy. Memorial day weekend traditionally kickstarts the driving season in the US, increasing demand for gasoline.
- Support is offered by this weeks’ DOE data with draws right across the spectrum
- OPEC+ meeting is to take place on the 1st June, where the production increase of 840,000 barrels a day for July is expected to be ratified
- Crude time spreads on both WTI and Brent showing firm backwardation, implying underlying positivity to the market
- Iran nuclear deal/sanctions negotiations continue, with a potential increase of 2 Million barrels a day to the crude supply chain
Oil Data Release
- Baker Hughes Rig Count :- Exp 459 Prior 455
Macro Data Release
- Wholesale inventories MoM :- Exp +0.7% Prior +1.3%
- Retail Inventories MoM :- Exp -2.0% Prior -1.4%
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. © 2021 ADM Investor Services International Limited.
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. 02547805, 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.
© 2025 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
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