Written Commentary
Sean Barry 2025 ChicagoCIO ORBIE Finalist
February 6, 2025
Market Update
- Market broke through support levels yesterday primarily through macro news from the US. The government announced a tapering of their bond purchases. This had, in the past, served to buoy up stock and commodity markets.
- This announcement in turn strengthened the US dollar providing further thrust to the downwards path we saw yesterday in the oil market and commodities in general.
- Continued worries of the spread of the delta variant continue as New Zealand experience a new lockdown and Australia sees cases worsening. However the impact on China remains the main focus here.
- DOE numbers showed a mixed bag as crude and distillates showed draws, but the unexpected small rise in gasoline caught most of the attention of the market. Gasoline recently had been one of the markets that had shown good demand recently and help push the market upwards, but this build was seen as a potential warning sign of the effect the delta variant could have.
- Conversely it will be interesting to see if further draws in crude will come to the attention of the market going forwards.
Oil Data Release
Natural Gas Exp 29 Prev 49
Macro Data Release
- Initial Jobless Claims Exp 364k Prev 375k
- Leading Index Exp 0.7% Prev 0.7%
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.
© 2025 ADM Investor Services International Limited.
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