RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Oil prices are correcting slightly here in the early session but are poised to make its sixth consecutive weekly gain amid continued optimism regarding vaccine rollouts and subsequent recovery in fuel demand. This comes despite a massive build in inventories of 15.2 million barrels versus an expected 1.4 million drop, according to the EIA as well as considerable inflows of product readings. Some support may have been garnered by reports of an attack on an Iraqi oil field earlier in the week in addition to some uncertainty regarding Nigerian oil supply. Further, strong vehicle sales out of China suggest an uptick in demand prospects. Oil has continued its inflation higher as it remains bullish trend with today’s range seen between  44.33 – 46.95.

Crude Oil Jan ’21 Weekly 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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