RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Oil prices are under pressure and have continued to correct from 11-month highs set earlier in the week as reports of renewed restrictions in China ahead of the Lunar holiday have dampened the optimism surrounding the recovery in fuel demand. In addition, a record jump in Iranian exports despite US sanctions as well as softer demand from Indian have weighed on the market.  This was coupled with a surprise build in EIA oil stocks. The market remains bullish trend with today’s range seen between 51.26 – 53.90.

Crude Oil Mar ’21 Daily Chart
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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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