Oil prices are holding steady as of Thursday afternoon enhanced by strong economic data prints with unemployment claims falling more than expected and business spending accelerating in April. Prices have been weighing the prospect of Iranian oil coming back online with OPEC+ set to meet June 1st to assess any potential changes to easing production cuts. Concerns remain regarding Indian demand as Covid-19 has continued to ravish the country, the world’s third largest consumer. Crude stocks fell 1.662 million barrels with implied gasoline readings coming of 9.479 million barrels per day and now approaching an all-time high, according to the EIA. The market remains bullish trend with oil volatility (OVX) continuing to fall towards the 30 handle with today’s range seen between 62.02 – 67.80.

Crude Oil Jun ’21 Daily Chart
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Alexander 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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