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WTI Crude Oil Continues Rally into the Weekend

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Crude Oil has continued to rally in our direction since my previous update. As mentioned, the bullish inventory reports boosted prices initially and the market has been helped by a number of other fundamental factors including: signs of a weaker dollar, ongoing shuttered gulf production due to the numerous recent hurricanes, and comments out of Saudi Arabia encouraging OPEC compliance on productions cuts. Technically, I am still bullish this position but today marks the initial day to roll the front-month contract (October) to the next contract month (November). You can see the majority of trading volume is now in the November contract, due to the October contract expiring next Tuesday 9/22. 

At the time of this email GCLV20 is trading @ 41.25 (profit of $1,450 per contract) with a high of 41.49 (profit of $1,690 per contract). Great job to all who participated in this trade with me!

I recommend exiting the October contract now and taking profits before the weekend OR rolling into the November contract (GCLX20). If you want to discuss your options with me further then please give me a call at 312-706-7639!

BOUGHT GCLV20 @ 39.80.00 

SOLD GCLV20 @ 41.25 ($1,450 profit per contract)

*Risk/reward are calculated before commissions and fees*

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Jace Jarboe | Futures & Options Broker:
Phone: 312-706-7639
Email: jjarboe@danielstrading.com
Broker Bio

 

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About Jace Jarboe

Jace Jarboe is a Futures & Options Broker with Daniels Trading. He is a licensed Series 3 and Series 34 broker with the National Futures Association (NFA). Prior to joining the futures industry, Jace attended Indiana University where he received a Bachelor of Arts degree in Economics. Since 2016, Jace has been devoted to learning all aspects of the futures industry and is dedicated to helping his clients achieve their short and long term trading goals. Jace assists clients in a variety of commodity sectors, with both speculating and hedging, and through utilizing futures, options, spreads, and spot FX. He uses his combined technical and fundamental analysis trading style to identify the best market trends and opportunities available. Jace aims to present trade recommendations which are most suitable for each specific client depending on their risk tolerance and intended trade duration. He has worked with hundreds of clients in his experience. In 2020, Jace launched his own trading advisory to further promote his futures markets expertise to a wider audience. This market newsletter is called the Jarboe Trading Journal and focuses primarily on presenting real-time trade recommendations to subscribers.