The market opened this week at/near 92.70s, following the holiday shortened week as buy programs entered at/near the Key Structural Support area, 92.50s, driving price higher toward the prior Key Resistance, 94.70s, at the Balance High.
Buy programs entered Tue, aggressively driving price higher out of prior Balance, as a short inventory adjustment ensued. Price discovery higher continued into mid-week, achieving a Stopping Point High, 97.55s.
Balance, 97.55s-96.30s, developed midweek as the market pulled back, encountering both responsive buy programs at the low then responsive sell programs at the high. Minor range extension higher followed, achieving the Weekly Stopping Point High, 98s, at/near the Weekly 1st Std Dev High into Fri's key US NFP report.
Buy programs entered on the NFP release, attempting to drive price higher out of multi-day Balance. This attempt was met by aggressive sell programs responding yet again at the high. The market remained in balance, closing the week at/near 97.40s.
Graphics
- Crude Inventories Break Ten Weeks Of Increases. (Bespoke)
- Asia Inflation. (Catherine Trevethan/Reuters)
- Asia Currency & Markets, 2013. (Catherine Trevethan/Reuters)
- NFP. (Zerohedge)
Central Banks
- The Fed's Employment-Taper Myth. (Nomi Prins)
- Yellen Confirmation Vote May Come Next Week. (Bloomberg)
- TBTF Banks: Larger Post Crisis. (Economic Collapse)
- Draghi: Introductory Statement. (ECB)
Geopolitics
- The Decline Of Petrodollar. (Jim Ricakards via International Man)
- The German Scapegoat. (Daniel Gros via Project Syndicate)
- IOCs Preparing For Carbon Emission Price In Long Term Planning. (Quartz)
Supply/Demand & Markets
- Majors Push Into Deep Water. (Oil Price)
- Shale Activity Sends Texas Oil Production To Record High. (San Antonio Business Journal)