Monthly Trading Recap – February 2021

The markets picked up only in the third of the month of January and continued strong in the month of February. Price action on Crude Oil has climbed all month based on higher demand, OPEC production cuts, and supply disruption from a frozen Texas.

The spot price started the month at $52.10 per barrel and will finish the month at $61.54 off a high from $63.84.

The main driver of price in February, and moving into the next few months, will be COVID-19 vaccine results, lockdowns and travel bans which are restricting the use of automobiles and jet airplanes which, of course, require fuel.  Lower demand equates to lower price.

As we have all seen in the news, progress in counties like Israel and the UK have shown better than expected results for the Coronavirus vaccine.  However, there are also rumblings about certain vaccine’s not coping with certain strains and any bad news on this will have an impact on crude pricing.

Also, many economies are still trying to determine the best way forward on “passporting” of individuals who have been vaccinated and how they prove this.  Any positive news on this will have a major impact on the travel and leisure sectors and indicate a future demand for crude.

FEBRUARY 2021:

 

 

2021 so far:

Net profit: $5580

Return: 12.64%

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Hope this helps,

Alexander Soares


Also published on Medium.