The market
balanced early week, 103.90s-104.50s, within the Mar-May Upper Cluster,
104.30s-103s, into Wed's session.
Initiative sell programs entered ahead of Wed's Pit
session at/near 104.30s, driving price lower, achieving a Stopping Point,
102.60s, at/near High Usage Support.
Responsive buy programs entered, developing Balance, 102.60s-104s. Sell
programs entered at/near 103.85s, following Thu's Pit close, driving price
lower, achieving a Stopping Point,
103.30s, into early Fri. Initiative sell programs entered at/near 103.45s,
driving price lower, achieving the Weekly Stopping Point Low, 102.40s, where responsive buy programs entered,
rejecting the low, forming a Structural Buying Tail, 102.40s-102.55s, closing
at/near 102.75s.
Graphics
US Crude Oil Exports Continue To Rise. (EIA)
- US Field Production Of Crude, 1920-Present. (EIA)
- RBOB Crack Within 4week Balance. (JustJoeCharts via CQG)
Central Banks
- Fed Should Adopt More Formal Rule Policy, Sayeth Plosser. (WSJ)
- Nomi Prins On Wall St et al. (Progressive)
- ECB expected to "Slash" Rates. (Market Watch)
Geopolitics
- The Continual Screwing Of Jefferson County Alabama. (Matt Taibbi via Rolling Stone)
- Banker-Presidential Relations. (Nomi Prins via American Banker)
Supply/Demand & Markets
- EIA Data Shows Changes For US Crude Markets. (Platts)