RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Oil prices have remained firm early Friday as the market is set for a third consecutive weekly gain as vaccine news continue to buoy prices despite the ongoing demand concerns. This has been coupled with OPEC+ expecting to delay production increases by three months lowering their cuts from 7.7 million bpd by about 2 million bpd with a meeting scheduled for Nov. 30th and Dec. 1st.  Weekly inventories reported a slight build, however, the US operating rate increased by nearly 2%, suggesting an uptick in domestic demand for physical crude supplies. This in part may have offset by reports of residual demand from China as weekly stockpiles have fallen 5 out of the last 7 weeks. Regarding supply, Libya continues to increase production now raising to pre-blockade levels of 1.25 million bpd. The market continues to remain bullish trend with today’s range seen between 39.71 – 42.65.

Crude Oil Jan ’21 Daily 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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