Market commentary

Capital discipline today could set up energy producers for solid cash flow in the future.

The duration-sensitive Barclays Agg posted its third positive return of the year in June as long-term interest rates declined slightly.

Strong performance has led to inflows into energy funds, both for traditional energy and renewables.

The energy sector showed strong performance as inflation and oil prices rose.

Markets traded sideways for much of the month as inflation concerns and cryptocurrency market volatility weighed on sentiment.

The composition of oil supply and demand has shifted significantly over the past year.