Weekend News 18May

This week's auction balanced within the Key Structural Supply Cluster, 95s-97.20s, early week before initiated selling entered the market, driving price toward the Wkly 2nd Std Dev Low, 93.66s, continuing toward Structural Support, 92s, where the Stopping Point developed midweek. 

Following the Stopping Point/shakeout of weak long inventory, the market encountered initiated buying, driving price higher during the back half of the week, achieving the Stopping Point at 96.45s, closing the week at 96s. 

Graphics

• China FDI. (Reuters/Catherine Trevethan)
• SP 500 Trailing 12mth P/E Ratio, 1998-Present. (Bespoke)

Central Banks

• Are We Entering The Era Of The USDollar? (Validus)
• Bank of Canada Sees Unconventional Policy Benefits Outweigh Risks. (Reuters)

Geopolitics

• Petrodollar To Petrogold: US Seeks To Cut Off Iran's Access To Gold. (Trend)
• Senator Seeks Probe Into Alleged EU Oil Price Manipulation. (Reuters)

Supply/Demand & Markets

• China's Apr Crude Stockbuild Rises After 5 Month Drawdown. (Platts)
• Narrowing Brent-WTI Spread, Distillate Production Up, IEA Outlook. (Platts)
• Shale Boom Sees US Coal Head To Europe & Asia. (Oil Price)

Outrageous Market Fortune

• The Mississippi Bubble. (NY Federal Reserve)