Weekend News 23Feb
The market opened the week at/near last week's Settlement, 100.40s, balancing 100.85s-100.30s, before buying interest entered at Key Structural Support, 100.30s, driving price higher in a Structural Buyside Breakout early in the week.
Price discovery higher continued into the midweek, as the market ultimately achieved the Stopping Point High, 103.30s, at/near the Avg Weekly Range High. Responsive sell programs entered there, driving price lower, developing the Balance phase, 103.30s-102.30s, above Key Structural Support/Low Usage into the Fri session. Development of the Balance continued before initiative sell programs entered, driving price higher, closing at/near 102.20s.
Graphics
- Oil To Natural Gas Ratio At 3.5yr Low. (Bespoke)
- Natural Gas Backwardation At Extreme Levels. (Bespoke)
Central Banks
- BOJ Boost To Loan Programs Signals More Easing. (Bloomberg)
- Nigerian Central Banker Sacked Over Missing Oil Funds. (Platts)
Geopolitics
- US & Russia Swap Recriminations As Syria Talks Stagnate. (RT)
Supply/Demand & Markets
- Colombia Moves To Boost Offshore Development. (Oil Price)
