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| Brent-WTI spread closed at/near $16.42, below last week's close $16.87. The Seaway Pipeline reversal in the US, which we have documented since last summer here, here, and here, has created a paradigm shift in the Brent-WTI dynamic which has begun to pick up momentum. Relative WTI strength v Brent is likely in near term. |
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| This week's auction developed into a double distribution trend structure including an upside breakout above the prior key near term resistance level at/near 94.80s. Reaction at this level will be of key importance next week. IF the buyside defends there, probability will favor price discovery higher. Conversely, IF the buyside fails there (false breakout), probability favors filling in of the current distribution lower. |
- SP 500 & Sector P/E Ratios. (Bespoke)
- US International v Domestic Equities. (Bespoke)
- Stock Volume Dropped 18.5% In 2012. (SecTechMonitor)
- Currency War Back Again? It never left. (FT Beyond BRICs)
- Russia Warns Of Currency War (Buys 300 Tonnes Of Gold In Last 4 Years); ECB Says Doesn't Favor Weaker Currency. (Bloomberg)
- Bundesbank Gold Repatriation To Have No Impact, Sayeth Analysts. (Kitco)
- Brazil Holds Rates Steady. (FT Beyond BRICs)
- Are The Dutch Next On The Gold Repatriation Train? (Market Update)
Supply/Demand & Markets