Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
Market Update
- Bullish stance continues as Brent hits $75 for the first time in two years. Backwardated curve in crude continues to support this upward move
- Stalling Iranian nuclear talks adding to the bullish sentiment as sanctions remain in place for the time being
- Talk of Brent hitting $100 next year in expectation of an increase in air travel
- Genscape reporting stocks of crude at Cushing fell again this week, making it five weeks in a row
- China reduced its quota to private (teapot) refineries by 35% from 53.88 million tonnes to 35.24 million tonnes of crude
- Bullishness will make the July 1st OPEC+ more interesting, with speculation that production may increase more than expected to accommodate the increase in demand.
Oil Data Release
API Data
Crude Exp -4.4 Prev -7.4
Distillates Exp 0 Prev -1.0
Gasoline 1.3 Prev 2.0
Macro Data Release
Existing Home Sales Exp 5.72M Prev 5.85M
Contact the ADMISI Energy Desk
Marco Saggese, Sharon Mitchell, Tony Scuderi
Phone: +44 (0)20 7716 8550 Email: energy.desk@admisi.com
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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