The market balanced early week around last week's
Settlement, 98.90s, before responsive sell programs entered, driving price
lower, as development of the Balance phase continued following last week's
Stopping Point Low. Initiative sell programs
entered at Key Structural Support, 97.50s, probing the low to 97.35s, the
Weekly Stopping Point Low. Responsive buy programs entered, driving price
higher from Key Support, confirming the low. Price discovery higher continued
toward Key Structural Resistance, 98.90s, ahead of the midweek EIA & FOMC
data releases as Apr-May contract roll completed.
Responsive two
sided Balance trade occurred mid-week, 99.50s-98s, as the sellside defense of
Key Structural Resistance continued. The market formed a d shape structure into
Fri's session, illustrating the maturing of the trading range, implying the
potential for a directional move. Initiative buy programs entered during Fri's
session, driving price out of Balance as short inventory adjustment occurred,
achieving the Weekly Stopping Point, 100.25s, near the Overhead Low Usage High.
Responsive sell programs entered there, developing balance during Fri's
session, before initiative sell programs entered , driving price toward the
Breakout Point, closing the week at/near 99.45s.
Central Banks
- ECB On SRM Agreement. (ECB)
- Fed Bank Stress Tests. All Is Well. (Federal Reserve)
Geopolitics
- IMF Statement On Mission To Ukraine. (IMF)
- Financial Warfare. (Jim Rickards via Yahoo Finance)
- US Targets Russia With Sanction Against Gunvor Billionaire. (Bloomberg)
Supply/Demand & Markets
- China Commodity Financing Deals, CCFDs. (Zerohedge)
- Urals & North Sea Crude Recent Activity. (Platts)
- Blythe Masters. (Businesweek)