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| Brent-WTI spread closed at/near $23.61 this week up from last week's close at/near $20.71. The song remains the same as Brent continues to be bid relative to WTI. |
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| This week shows failure of the seller to drive the market below 84s. If the lower cluster 84-87s holds, then probability would favor a challenge of the upper cluster, 87.50-89s. Breakout above 89s= destination overhead supply cluster 91-93s. Breakdown below 84s= destination 80s. |
Graphics
- China's Economic Indicators. (Markit)
- USDollar Spec Interest. (John Kicklighter)
- WTI Spec Interest. (John Kicklighter)
- Fed QE "May" Hit $1Tril As Fiscal Deadlock Persists. (Bloomberg)
- Renminbi Rally Unsustainable, Sayeth Credit Agricole. (FT Beyond BRICs)
- The Dollar: A 220 Year View. (Oil Price/Mad Hedge Fund Trader)
- Greece Bends To Europe & Passes New Austerity. (Quartz)
- Goldman Urges Supreme Court To End Mortgage Class-Action. (Reuters)
- Stuxnet: Chevron Infected By Anti-Iran Virus. (RT)
- Global Map Of Oil Refining & Trade To Be Redrawn Over Next 5 Yrs, Sayeth IEA. (IEA)
- New Pressure Cooking Technique Turns Algae Into Crude Oil. (Oil Price)
- US Net Oil Import Dependence, Testing 40%. (Platts)