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| The Brent-WTI Spread closed at/near $23.46 this week. Demand in Brent contract persists. As we referenced in our daily studies this week, WTI achieved a stopping point at/near $85 and a 2 day balance phase. Balance begets imbalance and next directional move. Will the intermediate term sellside take the market toward $80, or will sellers find themselves short in the hole causing a counter-trend rally? China Manufacturing PMI & US NFP may serve as catalysts this coming week, barring any other external shocks. Hurricane Sandy may cause disruption (some tankers caught along Atlantic coast, some refining capacity at risk). |
- Initial Claims. (Zerohedge)
- US GDP. (Zerohedge)
- Is The World Abandoning The US Economy? (Alt-Market.com)
- Bundesbank Slashed London Gold Holdings. (Telegraph)
- Greekileaks 2: New Draft of MoUs For Athens. (FT Brussels Blog)
- Americans Face Tough 2013 On Rising Prices, Taxes. (Reuters)
- China's Iranian Crude Imports Fall 24% yoy In Sep. (Platts)