The usual focus midweek on Wed EIA data was trumped by the late session FOMC statement and Bernanke speak which followed. Responsive selling drove price from the Key Structural Resistance Area, 99.20s, lower toward the Key Structural Support, 97.40s.
There, initiated selling entered, driving price lower, confirming a Structural breakdown, resulting in a substantial long liquidation inventory adjsutment, as inferred last week. The market achieved the Stopping Point, 93.12s, at/near the Lower Jun POC, closing the week at/near 93.75s.
Graphics
- YTD Country Performance. (Bespoke)
Central Banks
- The NINE Top Contenders For Fed Chair. (Business Week)
- "Low" Inflation Gives Bernanke Time To Press On With QE. (Bloomberg)
Geopolitics
- Putin Says Rosneft Close To $60bil China Oil Deal. (Reuters)
- OPEC Role Unchanged Despite US Oil Production Increase, Sayeth IEA Chief. (IEA)
- Further Sanctions Against Iran Will Be Counterproductive. (Oil Price)
- In-Q-Tel. (Fox Business)
Supply/Demand & Markets
- Global Technically Recoverable Shale Resources. (EIA)