The market
developed Balance, 100.90s-101.97s, early in
the week around last week's Settlement, 101.70s, achieving the Weekly
Stopping Point High, 101.97s, before initiative sell programs entered at/near 101.30s, driving price lower
out of Balance early week as price discovery lower occurred through Prior Low
Usage Support. The market achieved the
Weekly Stopping Point Low, 98.85s, developing Balance, 98.85s-99.85s, through
midweek's EIA data release ahead of Thu's ECB policy guidance.
Balance
continued during early Thu as the market priced in the ECB's unchanged policy
guidance before initiative buy programs entered at/near 99.50s, driving price
higher out of Balance. The market achieved a Stopping Point, 100.50s, and micro
Balance into early Friday ahead of the US NFP data release. Despite the
"bearish" NFP narrative, initiative buy programs entered, driving
price higher, achieving the Stopping Point, 101.63s, balancing, 101.50s-100s,
closing the week at/near 101.14s.
Graphics
- OPEC Oil Output Change By Country. (Reuters)
- ECB Unchanged. (ECB)
- "Shrinkflation". (Pippa Malmgren via BBC)
- Gofo, Negative. (In Gold We Trust)
- US Threatens Russia Over Petrodollar Circumvention. (Zerohedge)
- NFP. (Zerohedge)
- Blythe Masters Exits JPMorgan. (Bloomberg)