The market opened the week auctioning aggressively higher during Sunday's Globex
session from last week's Settlement, 102.60s, above Major Structural
Resistance, 103.45s, on heightened geopolitical fears based on the Ukrainian
narrative. Price discovery higher continued during Mon's session, achieving the
Weekly Stopping Point High, 105.22s, at/near Oct 2013 Major Structural
Resistance there. Balance developed, 105.20s-104s, into Tue Session as rhetoric
eased and the threat of imminent military action waned. Initiative sell programs
then entered early in Tue's session, driving price lower, achieving a Stopping
Point, 102.85s, developing Balance, 102.85s-103.50s, at/near Key Structural
Support/Prior Breakout Point ahead of Wed's EIA data.
Initiative
sell programs entered following the "bearish" EIA data, as the
buyside failed to defend the Key Structural Support Area/Prior Breakout Point
resulting in aggressive long liquidation. Price discovery lower continued into
Thu's session, ultimately achieving the Weekly Stopping Point Low, 100.13s,
where aggressive short covering occurred into Thu's close toward 101.60s. The
market balanced, 102.10s-101.50s, into Fri's session ahead of the NFP data.
Initiative buy programs entered following the NFP, driving price higher toward
Key Structural Resistance, 102.90s, closing the week at/near 102.60s.
Graphics
- Happy Birthday Bull. (Bespoke)
- Crude Oil, 06Mar. (Nanex)
Central Banks
- 5yrs Of Ultra Low Interest Rates In Britain. (Guardian)
- IMF Call For ECB Rate Cut, QE. (Reuters)
Geopolitics
- Crisis In Ukraine. (IHS)
- US Should Use Oil And Gas As Weapon In Global Politics, Sayeth Sen. Murkowski. Sounds Like A Kissinger Acolyte. (Fuel Fix)
- Decision taken to discontinue gas price discount for Ukraine starting from April. (Gazprom)
- "Perfect Storm" Brewing In Venezula. (IHS)
- US Businessman Convicted In Economic Espionage Case. (Reuters)
Supply/Demand & Markets
- Developing Crude Benchmarks For Mid-East/Asian Trade. (CME Open Markets)
- Norway's Unrecovered Reserves. (ValueWalk)