Oil prices are recovering after a more than 2% drop on Thursday following a nearly eight-week high as India’s coronavirus concerns continue to deepen as well as the restart of the Colonial pipeline weighed on sentiment. This comes amid reports that OPEC+ production increased in April as well as reports that US exports were the lowest since 2018 (along with a slight downtick in inventories), according to the EIA. Notwithstanding, both OPEC+ and the IEA raised their global demand forecast for the back half of the year as demand is expected to outweigh supply. Interesting to note, despite the ramp in US equity volatility this week, oil vol (OVX) remained relatively subdued as the market remains bullish trend with today’s range seen between 63.37 – 66.59.

Crude Oil Jun ’21 Daily Chart
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Alex Turro

Senior 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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