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OPEC+ – 28 June 2021

Brent hit its highest since 2018 in a context where tight market signals continue. US inventories fell for the fifth consecutive week, Chinese inventories appear to be at their lowest of the year. US implied demand for gasoline and oil is strengthening and the 1-year curve is in strong backwardation. In light of these factors and the rise in prices, according to some delegates, OPEC+ would seem intent on deciding at its 1 July meeting to increase production by 500,000 b/d in August. The intention seems to be confirmed by the Saudi statement that producers have a role in “taming and limiting inflationary pressures”. Industrial metals rose yesterday, although profit-taking is ongoing this morning. Going forward, it will be necessary to monitor whether or not the pace of China’s reserve sales is altered, also given that the announcement has so far not had the effect the authorities had hoped for.

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Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is a London-based Asset Management firm founded in 2007. The company is authorised and regulated by the Financial Conduct Authority (“FCA”), registered nr. 477155.
Link to FCA firm register: https://www.fsa.gov.uk/register
Pairstech permissions are authorised through the “Passport Mechanism” across many European Countries.
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Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is a London-based Asset Management firm founded in 2007. The company is authorised and regulated by the Financial Conduct Authority (“FCA”), registered nr. 477155.
Link to FCA firm register: https://www.fsa.gov.uk/register
Pairstech permissions are authorised through the “Passport Mechanism” across many European Countries.
A Spanish branch has been approved in September 2015 by CNMV.

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