Morning all, it is I, Ryan - AKA @PriapusIQ - Covering for the awesome Justin.
For those of you that don't know me, my focus is on news rather than price action, and it would be unfair for me to pretend otherwise, so don't expect TA etc during this European session.
Firstly, a shameless plug for my fledgling news platform - PiQ Suite - Think of it as Tweetdeck with added newsfeeds, including a LIVE and FREE Reuters feed!! Check it out.
Markets are sent to begin the first European session of the week with a risk-on vibe.
Perhaps the hottest of topics this morning for many market participants, is the price of crude, with ING noting:
"The oil market is trading firmer this morning, despite OPEC+ members last week agreeing to a larger than usual supply increase for July and August. The market action since the meeting suggests that participants are unimpressed with the move from OPEC+. The group has failed to hit output targets for months, and this is unlikely to change with the latest increase in targets. Beijing also continues to ease Covid related restrictions, which will be helping sentiment.
Despite the announced increase in output targets, over the weekend the Saudis increased all official selling prices (OSP) for their crude going into Asia and Europe for July, whilst OSPs were left unchanged for the US. July loadings of Arab Light into Asia increased by US$2.10/bbl MoM to US$6.50/bbl over the benchmark. This increase was slightly more than the market was expecting."
Though it must also be noted that Libya’s largest oil field, the 300Mbbls/d Sharara field has finally restarted - adding a balance to proceedings.
This morning's news of an imminent vote of No Confidence in Boris Johnson will also provide us with lots of noise, though I suspect signal will be lacking - He's sure to survive a vote, and even if he loses, GBP is unlikely to be impacted materially.
Looking ahead on the docket, it's a dreadfully dull affair.
(via Newsquawk)
I wish you all a fantastic, and profiatble Monday.
Keep it tight!
