Oil prices are nearing a four-week high as the global demand outlook continues to improve with Chinese daily crude processing jumping 19.7% on the back of strong demand for fuel. Oil inventories fell to the lowest since February and refinery utilization reached the highest since the onset of the pandemic with East Coast stockpiles falling to the lowest in 30 years, according to the EIA. This comes amid an upward revision to the global demand forecast by OPEC as well as a report from the International Energy Agency (IEA) that global supply and demand is set to rebalance in the back half of the year. Oil volatility (OVX) has continued to fall, now down nearly 15% on the week, as the market remains bullish trend with today’s range seen between 58.93 – 64.26.

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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