The Market in April
The ongoing conflict in the Persian Gulf has kept the region in the headlines, with oil markets remaining elevated and geopolitical and supply chain risks contributing to market uncertainty. The buying back of speculative short positions in March, absorbed by layers of producer selling, gave funds the confidence to rebuild positions in early April, while fundamental news lifted values during the second half of the month. A lower Indian production estimate, a low allocation to sugar production at the start to the new season in Brazil’s CS region and restricted throughput at Persian Gulf port refineries helped to lift white sugar values and market sentiment more broadly.