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| Both USD-WTI & Brent-WTI correlations have normalized in this past week. |
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| Following a test of last week's low, this week's auction continued the longer term directional phase higher toward the weekly 2nd standard deviation high, 98.06s, (here) achieving a stopping point at/near 98.24s. The market pulled back from this area in the back half of the week, closing in the upper cluster at/near 97.61s. The market developed a double distribution trend structure in the weekly profile. 97s will be a key level next week. IF 97s hold, probability favors continued price discovery higher. Conversely, IF the 97s fail, probability favors inventory adjustment lower and filling in of the two clusters (95.40s-96.90s), (97s-98.20s). |
Graphics
- NFP. (Zerohedge)
- Q4 2012 Earnings & Revenue Beat Rates. (Bespoke)
Central Banks
- Fed Maintains $85bil/mth Asset Purchase Trajectory. (Bloomberg)
- Brazil's Jekyll/Hyde Monetary Policy. (FT Beyond BRICs)
- Jim Grant Opines On Fed Actions. (Yahoo)
- US May Have Broken Own Sanctions By Buying Iranian Oil. (RT)
- Cline Shale, Permian Basin. (Oil Price)
- US Export Machine Keeps Pushing On. (EIA)
- Oil Field Costs Have Not Made Crude Oil Prices Rise. (Oil & Gas Journal)