Oil prices are taking a breather as of Thursday afternoon after posting its longest winning streak in nearly 2 years as inventories fell expectedly 6.6 million barrels, resulting in a fourth consecutive draw. Contributing to the draw have been higher refinery rates as well as lower imports. This has been coupled with expectations of further supply cuts as well continued optimism on vaccine rollouts and the subsequent impact on the recovery of fuel demand. Russian January production posted a surprise decline and OPEC+ cut production by more than 215k barrels than their target in Janurary, providing yet another supportive development. The market remains bullish trend with today’s range seen between 53.66 – 60.29.

Crude Oil Mar ’21 Daily Chart
800-438-4805312-373-5484Series 3 Licensed

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.
Read More