Weekend News 20Jul

The market auctioned lower early week from last week's Settlement, 105.95s, testing key Structural Support, achieving a Stopping Point, 104.65s, encountering a buy response from that level. 

Following a rally from 104.65s, the market pulled back midweek, encountering a buy response at/near 105.20s, confirming the Structural Buying Tail. The market auctioned higher, driving price to new highs, achieving a Stopping Point at/near 108.90s, encountering a sell response, creating a Structural Selling Tail, 108.90s-108s, closing at/near 107.90s. 

Graphics

• Brent-WTI Spread. (Bespoke)
• Early Read On EPS & Revenue Beat Rates. (Bespoke)
• Key Earnings Reports Next Week. (Bespoke)

Central Banks

• ECB Eases Collateral Rules. (Zerohedge)
• Fed Rethinking Move Allowing Banks To Trade Physical Commodities. (Reuters)
• China Frees Up Lending Rates In Major Reform. (Reuters)

Geopolitics

• China's Use Of Soft Power In Regional & Global Relations. (Sharnoff's Global Views)
• Currency & Oil Rates Targeted For Tougher Rules, Post LIBOR Scandal. (Bloomberg)

Supply/Demand & Markets 

• Oil Market Report For July. (IEA)