Oil prices are attempting to extend the recent upward move after dropping to multi-month lows following news of the most recent covid variant. The market was initially shaken by this as it brought the potential for further travel restrictions, which along with several other factors, could have had a disastrous effect on the demand for oil as we already saw during previous lockdowns. Recent optimism has helped drive oil higher but as the price has now found itself in a short-term consolidation range, today’s DoE inventory reports could shed some light on the ongoing supply and demand situation within the world's largest economy. If the report were to point to an unexpected increase, we could be seeing some pressure ease off while a bigger than expected drop in stocks could once again lead to supply concerns and influence sentiment in the short term.
TUI report shows sustained growth despite global uncertainty
Today’s TUI report showed encouraging results as the company was able to significantly improve its financial performance while it also attempted to recover from the impact of the pandemic. Investors could also be reassured by the company’s plans moving forward and by its mid to long-term vision in which it will prioritize cash management, drive operating effectiveness and reduce debt to improve its balance sheet. While it remains to be seen if the company will manage to execute its plan fully, some steps taken this far could inspire optimism in some as general sentiment continues to improve.
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