The market opened this week
at/near 94.10s, where sell programs entered, driving price lower,
achieving a Stopping Point Low, 93.34s, balancing before buy programs
entered, driving price higher, achieving the Stopping Point High,
94.60s, at/near last week's Settlement.
Responsive
sell programs entered at/near 94.60s, driving price lower back to Prior
Support, 93.30s, where sell programs entered, breaking down below Key
Structural Support, driving price aggressively lower into midweek.
The
market achieved a Stopping Point Low, 91.70s, where responsive buy
programs entered late Wed, halting the downward auction into the US
Thanksgiving Holiday. The market balanced through Thu's Globex auction
before buy programs entered Fri, driving price aggressively higher as
weak short inventory at the low was adjusted. Responsive sell programs
entered at/near 93.70s, driving price back toward Support into week's
end, closing at/near 92.80s.
Graphics
- US Oil Nears 400mil Barrel Record. (ValueWalk)
- Crude Inventories. (Bespoke)
Central Banks
- The 5 Yuan Era. (China Money Report)
- Mark Carney Warns House Buyers. (Guardian)
- EU-IMF Delay Visit to Athens. (Reuters)
Geopolitics
- China, EU Begin Negotiations On Investment Pact. (AFP via Asia Rising)
- Limited Oil Price Impact From Iran Deal, Sayeth Analysts. (Platts)
- OPEC To Keep Oil Supply Target Steady. (Bloomberg)
- Iran Deal : Insurance Ban Suspended. (Platts)
Supply/Demand & Markets
- Horizontal Drilling Picks Up In Permian. (Oil Price)
- LLS Discount To Brent. (Platts)
- New Markets Open For The Americas' Crude. (Platts)