The market opened the week at 99.20s, at/near the prior week's Upper Balance High. Responsive sell programs entered, driving price down the Balance, achieving the Weekly Stopping Point Low, 98.55s, into the Christmas Eve session where responsive buy programs entered, driving price back up the range, closing at/near 99.20s into the holiday.
Following the Christmas holiday, the market continued to balance at/near the Key Resistance/Balance High 99.40s, with minor range extension higher. Micro-balance at the high continued into Fri's session. Initiative buy programs entered ahead of the delayed EIA release, driving price higher in a buyside directional phase, achieving the Weekly Stopping Point High, 100.75s, within Oct's Supply Cluster, closing at/near 100.30s.
Graphics
- US Crude Production To Surpass Imports. (EIA)
Central Banks
- Stanley Fischer: A "Great" Choice For Federal Reserve. (Guardian)
- Is The Fed Monetizing Debt? (Alex Merk via MoneyNews)
Geopolitics
- Pentagon Says Rare Earth Elements Less At Risk. (Oil Price)
- The Turkish Government & The Petrodollar. (Zerohedge)
Supply/Demand & Markets
- China's Nov Oil Demand Declines 2% YoY. (Platts)
- Academics & Wall St. (NYTimes)