The market opened this week at/near 94.45s, balancing, 94s-95.40s, as responsive sell programs re-entered at Prior Overhead Supply, driving price lower breaking down below 94s as the market retested Major Structural Support at/near 93s. The market achieved a Stopping Point there as responsive buy programs entered and balanced, 93s-94.50s, during midweek.
Midweek, the market encountered sell programs that drove price toward the Key Support, 93s, breaking down as the Yellen Senate testimony was priced in.
The market plunged to 92.50s, encountering buy programs and a quick rejection of the low there. This rejection formed a Structural Buying Tail, 92.50s-92.90s, as price was driven back into prior Balance, 93s-94.50s, closing the week at/near 93.84s.
Graphics
- US Balance Of Trade. (Trading Economics)
Central Banks
- Northern & Southern Europe Divided In Monetary Policy. (Quartz)
- The Gold Goes East. (Bloomberg)
- Former Fed QEaser Is Really Sorry. (Zerohedge)
Geopolitics
- GCC's Oil & Gas Subsidies Unsustainable, Sayeth Oman's Oil/Gas Minister. (Oil Price)
- Leaked "Free" Trade Draft Shows US Pushing Hard On Intellectual Property. (Quartz)
- South Korea's Iranian Crude Imports Drop 47%, YoY. (Platts)
Supply/Demand & Markets
- EIA: +2.6mil v +1mil exp. (EIA)
- IEA World Energy Outlook. (IEA)
- US/Canadian Crude & Shipment Elsewhere. (Platts)
- Platts System Could Be Prone To Collusion, Sayeth EU Officials. (Bloomberg)