Following last
week's retracement rally toward 102.90s, the market opened the week auctioning lower from last week's Settlement,
102.60s, achieving a Stopping Point, 100.85s, at/near Key Structural Support,
101s, during Mon's session. The buyside failed to defend the Key Structural
Support, 101s, and long liquidation resumed into Feb's middle trade cluster,
101s-99s. Price discovery lower continued into Wed's Pit session achieving a
Stopping Point, 98.15s, within the Avg Weekly Range Low & 1st Std Dev Low ahead of the EIA
data release.
Initiative
sell programs entered following the "bearish" EIA data, as price
discovery lower continued, achieving the Weekly Stopping Point Low, 97.55s,
at/near the Weekly 1st Std Dev Low where responsive buy programs entered late
into Wed session. Balance trade developed during , 98.60s-97.60s, confirming
the establishment of the Structural Stopping Point Low during Thu's session.
Initiative buy programs entered during Fri's London session driving price
higher out of Balance, achieving a Stopping Point, 99.28s, encountering
responsive sell programs there, closing the week at/near 98.89s.Graphics
- Fed: Dove-Hawk Scale. (Reuters)
- Global Correlations. (Bespoke)
Central Banks
- Fed Nominee Fischer. (Reuters)
Geopolitics
- The New Balance Of Financial Terror. (Jim Rickards via Darien Times)
- Russia Said To Ready For Iran Style Sanctions. (Bloomberg)
- SPR Sale On Day Ukraine's Chief In Washington. (Platts)
- Russian Assets Quietly Moved Out Of West. (Zerohedge)
Supply/Demand & Markets
- Mexico Prepares Pemex For Next Phase. (Platts)
- IEA Notes Big Jump In Global Oil Supply In Feb. (Platts)