The market auctioned higher early week from last week's Settlement, 94.15s, as initiated buying drove price out of last week's trade cluster, 92.20s-94.50s, into the low usage area overhead. The market achieved the Stopping Point High, 95.90s, at/near the Wkly 1st Std Dev High & Key Overhead POC.
Following the Stopping Point & Balance, initiated selling entered, driving price lower through midweek, achieving the Stopping Point, 91.60s, at/near the Wkly 2nd Std Dev Low. The market balanced, 91.60s-94s, selling off into Friday's close at/near 91.95s.
Graphics
- Asia's Meat Consumption. (Reuters/Catherine Trevethan)
- SP 500 Sector Strength & Fed Meetings. (Bespoke)
Central Banks
- RBA Rate Cuts Arrive: The Newer New Normal. (Bloomberg)
- Brazil Raises SELIC Rate, 50bps. (Business Recorder)
Geopolitics
- OPEC Keeps Output Unchanged. (Bloomberg)
- Keystone Wait Weighs On Smaller Oil Producers. (Bloomberg)
- TOTAL Settles US Bribe Probe For $398mil; CEO May Be Tried. (Reuters)
Supply/Demand & Markets
- EIA: +3mil v -500k. (EIA)
- Future of Crude Pipelines In Eastern Canada & New England. (Platts)
- As Costs Of Energy Goes Up, Food Prices Follow. ZIRP & QE Not Connected. (World Bank)
- Europe's Largest Onshore Crude Fields, In Italy.... (Bloomberg)
Outrageous Market Fortune
- DOJ Asked To Investigate JPMorgan Trading. (Reuters)