Monthly Pricing - 01/08/2021

Brent crude rose to a 3-year high of $77.80/bbl in early July  after news that OPEC+ will ease output cuts by around 2mbpd between August and December.

GBP was volatile in July, fluctuating between 1.39 and 1.36 against USD, as foreign travel from the UK resumed despite the number of daily Covid cases continuing to rise.

Japan has taken extra steps to avoid a power crisis as temperatures soar and demand for cooling surges, especially in Tokyo, where the Olympics have begun.

Price Drivers

Supply China’s June refinery throughput rises to record high. OPEC+ increases crude production by 400,000bpd.  
Demand Rise in EIA US crude stocks breaks an 8-week draw streak. Jet fuel stocks in the US at their highest levels in a decade.
Geo-Political Delayed 2020 Olympics begin in Tokyo, Japan. US and Germany agree on completion of pipeline.